BONE Crypto Falls 10% Despite Positive Indicators; SHIB Follows Suit
The Essentials in Brief
The cryptocurrency BONE may have difficulty experiencing a surge in the near future. Despite a bullish signal, BONE’s price movements could continue to remain bearish, as market indicators suggest. In recent days, the bearish sentiment around BONE has increased, and the value of SHIB has also fallen in the last 24 hours along with BONE.
BONE’s Position in the Bear Market
According to CoinMarketCap, BONE has fallen by more than 10% in the last 24 hours. At the time of reporting, the coin was trading at $1.18, with a market capitalization of over $270 million. Nevertheless, LUCIE, a popular X-handle that posts updates on the Shiba Inu ecosystem, revealed that BONE has a technical score of over 84. This suggests that the chances for the coin to get a bullish swing are high.
Is a Trend Reversal Possible?
Our analysis of the coin’s daily chart shows that its price has touched the upper limit of the Bollinger Bands. When this happens, it suggests that the selling pressure on an asset could increase, which can lead to a price drop. The possibility of an increase in selling pressure was confirmed by the Relative Strength Index (RSI), which was in the overbought zone.
Shiba Inu is Also Down
As the value of BONE fell, the network’s flagship token, Shiba Inu [SHIB], followed a similar trend. According to CoinMarketCap, SHIB had fallen by more than 1.4% in the last 24 hours. At the time of reporting, SHIB was trading at $0.00003821, with a market capitalization of over $22.5 billion.
Our Assessment
Despite the bearish indicators, there are some positive signs for BONE. For example, the MVRV ratio has been rising in recent days, and network growth was high, meaning more new addresses were created to transfer the token. In addition, the total number of coin holders has slightly increased in the past week. This could suggest that buying pressure is increasing, which could help the price of the coin in the coming days.
Sources
Dipayan Mitra, journalist at AMBCrypto. Edited by Ann Maria Shibu. Santiment, TradingView, CoinMarketCap.
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