Bone Price Nearing Significant Surge Following Major Low Point
In the world of cryptocurrencies, the BONE gas token, which powers Shibarium, the Layer-2 blockchain within the Shiba Inu ecosystem, is gearing up for a potential bullish breakout. This prediction is based on the formation of a falling wedge pattern and a surge in trading volume, backed by positive technical indicators.
The falling wedge pattern, a classic technical setup often associated with trend reversals and bullish moves, has been observed in BONE's chart[1][4]. This breakout is further bolstered by rising trading volume and momentum indicators such as RSI and MACD turning bullish, which typically confirm breakout strength[1].
The key resistance to watch is around $0.0000160, and surpassing this could pave the way for a rally toward about $0.0000330, near BONE’s previous cycle high[1]. This aligns with the broader technical context in the Shiba Inu ecosystem where SHIB itself is consolidating into a falling wedge near strong support, often indicating bullish reversals[2]. The recent surge in token burn rates also suggests tightening supply dynamics that can add upward price pressure[1][2].
In essence, the combination of the falling wedge breakout, rising volume, bullish momentum indicators, and ecosystem fundamentals around BONE and SHIB tokenomics strongly points to a potential bullish breakout scenario for BONE gas token in the near term.
Key technical points: - Falling wedge pattern breakout (bullish reversal signal)[1][4] - Rising trading volume supporting the breakout[1] - Bullish RSI and MACD confirmation[1] - Resistance to overcome near $0.0000160, followed by a target of $0.0000330[1] - Token burn rates surging, tightening supply[1][2]
While this technical outlook does not guarantee future performance, it aligns well with typical chart patterns and recent market activity surrounding BONE. A decisive break above the pattern's descending resistance line could be viewed as confirmation of a bullish breakout for BONE.
[1] InvestingPrime (2022). BONE Price Prediction 2022-2023: Will BONE Reach $0.0000330? Retrieved from https://investingprime.com/crypto/bone-price-prediction/
[2] CryptoNewsZ (2022). Shiba Inu Price Prediction 2022: Is SHIB Headed for a Bull Run? Retrieved from https://cryptonewsz.com/shiba-inu-price-prediction-2022-is-shib-headed-for-a-bull-run/
[3] CoinMarketCap (2022). BONE Vote. Retrieved from https://coinmarketcap.com/currencies/bone/community-votes/
[4] TradingView (2022). BONE Chart. Retrieved from https://www.tradingview.com/symbols/BONEUSD/
Basing on the falling wedge pattern observed in BONE's chart and the surge in trading volume, there is a potential for investing in BONE gas token due to its bullish breakout potential. The breaking of key resistance around $0.0000160 and confirmation through bullish momentum indicators like RSI and MACD could lead to a rally toward $0.0000330.
