Bone ShibaSwap (BONE), a token within the Shiba Inu ecosystem, has showcased remarkable resilience amidst a predominantly bearish market. Despite the downward trend, BONE has emerged as a top performer, catching the attention of community analyst SHIB Knight, who predicts further gains and a potential price target of $3.
SHIB Knight, a respected analyst within the Shiba Inu community, has been closely monitoring BONE’s performance and recently shared an update on the token’s outlook. Despite a previous failed breakout attempt, SHIB Knight remains optimistic, highlighting a chart that suggests BONE is now better positioned for an anticipated bullish breakout.
$BONE is having a nice pump rn. It will pump more! 🔥🚀 https://t.co/ao3YvsrJzS pic.twitter.com/P7HbIDVkmk
— $SHIB KNIGHT (@army_shiba) March 18, 2024
At the time of writing, BONE has experienced an impressive surge, with its price skyrocketing from a low of $0.87 to a high of $1.09. This surge represents a significant 44% gain in the monthly timeframe, accompanied by a substantial 60% increase in trading volume compared to the previous day.
BONE rallies in the monthly timeframe. Source: Coingecko.
A Relative Strength Index (RSI) of 65 indicates that the Shiba Inu BONE Token is in a bullish trend and is seeing increased trading volumes after a spectacular 30-day rally. BONE is currently trading at $0.84.
While BONE’s current price hovers around $1.09, SHIB Knight has set a target price of $3, anticipating a potential 150% rally for the token. It is worth noting that the memecoin is currently down almost 98% from its all-time high in 2021, which implies ample room for growth.
SHIB market cap currently at $14 billion. Chart: TradingView.com
The limited exposure of BONE among major centralized crypto trading platforms may have contributed to its slower price gains compared to the ecosystem’s leading token, SHIB. Currently, BONE is listed on platforms such as OKX and Gate.io, while notable exchanges like Binance, Coinbase, KuCoin, and Bybit have yet to support its trading.
I expected $BONE to breakout of the channel, but it failed last time.
Breakout will happen sooner or later. Target is around $3 pic.twitter.com/YJRRyST8kE
— $SHIB KNIGHT (@army_shiba) March 17, 2024
To address this limitation, leaders of the Shiba Inu community have rallied their members to campaign for BONE’s listing on Binance, one of the largest crypto exchanges. They firmly believe that inclusion on such a prominent platform would provide the necessary catalyst for explosive price rallies, potentially propelling BONE to unprecedented levels.
As demand for the Shiba Inu BONE Token rises and community members work strategically to achieve its listing and increase its market visibility, this positive momentum has raised investor intrigue about the token’s ability to cross the $3 threshold before the end of March.
Despite the inherent risks, the recent price surge of BONE and the optimistic outlook from SHIB Knight have generated excitement within the Shiba Inu community. Traders and enthusiasts will be closely monitoring BONE’s performance in the coming days, eagerly awaiting signs of a breakout and the potential for significant gains.
Featured image from Tara Winstead/Pexels, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
