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Shiba Inu's BONE Price Presents This Recovery Scenario, Here's What It Is

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Mon, 6/03/2023 - 14:02
Shiba Inu's BONE Price Presents This Recovery Scenario, Here's What It Is
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For the first time since late December 2022, Bone ShibaSwap (BONE) returned to trade under the $1.56 level, which coincides with the daily MA 50.

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Since the start of 2023, BONE's price has steadily risen before topping out at $2.10 on Feb. 24. Following declines in the past week, BONE retreated to trade under the daily MA 50, a level that hindered its price for months from September to December 2022.

Thus, the first recovery scenario might be for BONE to flip the MA 50 level at $1.56 into support once more. BONE must maintain a sustained breach of this key level to trend higher. Since March 5, BONE is making its second attempt to breach the $1.56 level.

The daily RSI is slightly below the neutral 50-level, which suggests that the BONE price might consolidate for a while before the next major move.

CoinMarketCap
BONE/USD Daily Chart, Courtesy: CoinMarketCap

At the time of writing, BONE was marginally up in the last 24 hours at $1.52. The token remains down 17.23% in the past week. BONE ranks as the 104th largest cryptocurrency with a market cap of $349 million, per CoinMarketCap data.

Another recovery scenario for Shiba Inu's BONE price lies in its fundamentals and optimism regarding the upcoming Shibarium blockchain.

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Aside from being the governance token of the ShibaSwap decentralized exchange, BONE would be the gas token of Shibarium and used to reward validators/delegators.

Given that BONE's price might follow the general trend of the market, these factors might, however, provide a strong foundation for a potential price increase.

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