Shiba Inu's BONE might be gearing up for a major move after weeks of underperformance. BONE reached highs of $2.10 on Feb. 21, ahead of Shibarium's expectations. Now, BONE is down almost 100% from this high as it trades near the $1 mark. Shortly after reaching these highs, BONE declined to touch lows of $1 on March 28.
The BONE price has consolidated since then around the $1 mark. At the time of writing, BONE was down 3.74% in the last 24 hours to $1.04.
Technically, the daily RSI is moving toward the 30 oversold level. Once oversold conditions are confirmed, BONE might put in a relief rally or at least a dead cat bounce.
On the upside, BONE has to squash the key daily MA 50 barrier at $1.15 to trend higher. The barrier at $1.36, which coincides with the daily MA 200, may also seek to hinder an upside move. If these are successfully breached, BONE may travel near its February high of $2.10.
Also, the fact that BONE has been consolidating in a range for weeks might strengthen the case for the next move.
On the other hand, support seems to have built near the $1 mark. Based on fundamentals, Shibarium might contribute positively to BONE as it serves as the gas of the Layer 2 protocol.
Shibarium's beta testnet, Puppynet, has seen growth in key metrics suggesting utility since its inception. Puppynet has so far seen 365,282 interacting addresses. Also, Shibarium beta has processed 2,255,398 transactions in 324,129 blocks, with an average block time of 5.0 seconds.