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.
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.
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.
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.