2023-08-26 01:28:36
© Reuters Can BONE rise 28% and close above $2 by September?
CriptoFácil – In the last 15 months, the token, which feeds the ShibaSwap network, adhered to a lateralization trend, encapsulated within the limits of a symmetrical triangle pattern. Even the launch of the Shibarium network was not enough to break this trend.
Even so, some analyzes put the possibility of the token breaking the US$ 2 barrier by the end of August. But given BONE’s current price ($1.44), that would be up 28%. So, does the token have the structure to reach this level?
BONE Analysis
A key feature of this pattern is its ability to constrain price fluctuations within two converging trendlines. In this regard, BONE price has rebounded twice from the lower trendline and three times from the upper trendline.
As a result, the movement highlighted the pattern’s substantial impact on influencing price behavior. In the midst of the August correction, the price of BONE faced a drop. After the high of $1.82, the price took a sharp 39% drop, dropping to a low of $1.10.
Amidst prevailing market uncertainty, BONE price found support at the 61.8% Fibonacci retracement level. This marked a crucial turning point, as from there the price surged by 26.5%, establishing a new support in the $1.39 region.
However, BONE broke this support again, which raised the price to the level of $1.44, which is the current price. If the current bullish momentum holds, traders may look forward to the possibility of breaking the resistance at $1.47. A successful breakout could boost the price of BONE by 28%.
A successful breach of this hurdle would signal a promising move towards a new uptrend, potentially hitting early targets of $2.10, followed by $2.39.
correction trend
Although the price of BONE shows upward momentum, it is essential to recognize impending resistance at the upper trendline of the symmetrical triangle pattern. This resistance is located in the region of $1.82 and represents a major obstacle for further valuations.
The expected supply pressure at this juncture could potentially impede new immediate advances. If weakness persists in market sentiment, the token could reverse down from dynamic resistance and trigger a new trend correction.
That is, if that happens, the price could reach the support of $0.80, which would represent a 45% drop compared to current prices.
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