Token

Bone ShibaSwap

Shiba Inu

Bone

Bone ShibaSwap (BONE) is the governance token of the ShibaSwap decentralized exchange, which is part of the Shiba Inu ecosystem. BONE allows holders to vote on proposals, submit proposals, and access future NFTs. BONE has a maximum supply of 250 million tokens and a circulating supply of 229.9 million tokens as of August 16, 2023. 
BONE has been in a downtrend since reaching its all-time high of $41.67 on September 13, 2021. Since then, BONE has lost more than 96% of its value and is currently trading at $1.52, according to CoinMarketCap. BONE has also underperformed against Bitcoin (BTC) and Ethereum (ETH), losing 87% and 82% respectively in the same period. 
<h2 class="wp-block-heading" id="what-are-the-factors-affecting-bone-price">What are the factors affecting BONE price?</h2> 
BONE price is influenced by several factors, such as the performance of the ShibaSwap platform, the demand and supply of BONE tokens, the sentiment of the Shiba Inu community, the competition from other decentralized exchanges, and the overall market conditions. 
Some of the positive factors that could boost BONE price are: 
<ul class="wp-block-list"> 
 <li>The launch of Shibarium, the Layer-2 blockchain for the Shiba Inu ecosystem, which is expected to happen in August 2023. Shibarium will enable faster and cheaper transactions for SHIB, LEASH, and BONE tokens, as well as support smart contracts and NFTs.</li> 
 <li>The listing of BONE on more exchanges and platforms, such as Coinbase, KuCoin, and Changelly, which could increase the liquidity and accessibility of BONE tokens.</li> 
 <li>The growth of the ShibaSwap platform, which has a total value locked (TVL) of $30.7 million as of August 16, 2023. ShibaSwap allows users to provide liquidity, stake, and swap tokens to earn rewards in SHIB, LEASH, and BONE tokens.</li> 
 <li>The development of new features and products for the Shiba Inu ecosystem, such as <a href="https://www.cryptomesh.net/category/nfts/" target="_blank" rel="noopener" title="">NFTs</a>, portfolio trackers, games, and social media platforms.</li> 
 <li>The support and loyalty of the Shiba Inu community, also known as the Shib Army, which has over 1.1 million followers on Twitter and over 200,000 members on Reddit.</li> 
</ul> 
Some of the negative factors that could drag BONE price down are: 
<ul class="wp-block-list"> 
 <li>The high volatility and risk of the cryptocurrency market, which could lead to sudden price swings and corrections for BONE and other altcoins.</li> 
 <li>The competition from other decentralized exchanges, such as Uniswap, SushiSwap, PancakeSwap, and QuickSwap, which have larger TVLs, user bases, and trading volumes than ShibaSwap.</li> 
 <li>The regulatory uncertainty and scrutiny around cryptocurrencies, especially meme coins and decentralized exchanges, which could face legal challenges or bans from governments and authorities.</li> 
 <li>The technical issues or security breaches that could affect the ShibaSwap platform or the Shiba Inu ecosystem, such as hacks, bugs, or exploits.</li> 
</ul> 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="980" height="559" src="https://www.cryptomesh.net/wp-content/uploads/2023/08/Bone-ShibaSwap.jpg" alt="" class="wp-image-35771" srcset="https://cryptomesh.net/wp-content/uploads/2023/08/Bone-ShibaSwap.jpg 980w, https://cryptomesh.net/wp-content/uploads/2023/08/Bone-ShibaSwap-768x438.jpg 768w, https://cryptomesh.net/wp-content/uploads/2023/08/Bone-ShibaSwap-370x211.jpg 370w, https://cryptomesh.net/wp-content/uploads/2023/08/Bone-ShibaSwap-760x434.jpg 760w" sizes="(max-width: 980px) 100vw, 980px">
</figure> 
<h2 class="wp-block-heading" id="what-is-the-technical-analysis-of-bone-price">What is the technical analysis of BONE price?</h2> 
Technical analysis is a method of analyzing price movements based on historical data and patterns. Technical analysts use various tools and indicators to identify trends, support and resistance levels, and potential entry and exit points for trading. 
BONE has recently bounced from the lower line of the channel at around $1.5 and is now facing resistance at around $1.6. If BONE can break above this level and close above it on a daily basis, it could signal a reversal of the downtrend and a potential breakout from the channel. 
The next resistance levels for BONE are at $1.8 (the 20-day exponential moving average), $2 (the psychological level), $2.4 (the 50-day simple moving average), $3 (the upper line of the channel), and $3.4 (the 23.6% Fibonacci retracement level of the downtrend). 
On the other hand, if BONE fails to break above $1.6 and falls below the lower line of the channel, it could indicate a continuation of the downtrend and a further decline in price. 
The next support levels for BONE are at $1.4 (the previous low), $1.2 (the 127.2% Fibonacci extension level of the last bounce), $1 (the psychological level), and $0.8 (the 161.8% Fibonacci extension level of the last bounce). 
The relative strength index (RSI) is a momentum indicator that measures the strength and direction of the price movement. The RSI ranges from 0 to 100, with values above 70 indicating overbought conditions and values below 30 indicating oversold conditions. 
The RSI for BONE is currently at 46, which indicates a neutral momentum. However, the RSI has been forming higher lows since July 2023, which suggests a bullish divergence and a possible reversal of the downtrend. 
The moving average convergence divergence (MACD) is a trend-following indicator that shows the relationship between two moving averages of the price. The MACD consists of a MACD line, a signal line, and a histogram. 
The MACD line is the difference between the 12-day and 26-day exponential moving averages of the price. The signal line is the 9-day exponential moving average of the MACD line. The histogram is the difference between the MACD line and the signal line. 
The MACD for BONE is currently negative, which indicates a bearish trend. However, the MACD line has crossed above the signal line, which indicates a bullish crossover and a possible change in trend. The histogram has also turned positive, which confirms the bullish momentum. 
<h2 class="wp-block-heading" id="what-is-the-price-prediction-for-bone">What is the price prediction for BONE?</h2> 
Price prediction is a speculative exercise that involves forecasting future price movements based on various factors, such as technical analysis, fundamental analysis, market sentiment, and historical trends. Price prediction is not an exact science and should not be taken as financial advice. 
Based on the current technical analysis, BONE has a chance to break out of the downtrend and start a new uptrend if it can break above $1.6 and close above it on a daily basis. In that case, BONE could target $2 in the short term and $3.4 in the medium term. 
However, if <a href="https://coinmarketcap.com/tr/currencies/bone-shibaswap/" target="_blank" rel="noopener nofollow" title="">BONE</a> fails to break above $1.6 and falls below $1.5, it could continue the downtrend and test $1.2 or lower in the short term and $0.8 or lower in the medium term. 
Based on the current fundamental analysis, BONE has some positive factors that could support its price growth, such as the launch of Shibarium, the listing on more exchanges and platforms, the growth of ShibaSwap, and the loyalty of Shib Army. 
However, BONE also faces some negative factors that could hinder its price growth, such as the competition from other decentralized exchanges, the regulatory uncertainty and scrutiny around cryptocurrencies, and the technical issues or security breaches that could affect ShibaSwap or Shiba Inu ecosystem. 
Therefore, BONE price prediction is largely dependent on how these factors play out in the future and how they affect the demand and supply of BONE tokens. 
<h2 class="wp-block-heading" id="conclusion">Conclusion</h2> 
Bone ShibaSwap (BONE) is the governance token of ShibaSwap decentralized exchange, which is part of Shiba Inu ecosystem. BONE has been in a downtrend since reaching its all-time high of $41.67 in September 2021 and is currently trading at $1.52 as of August 16, 2023. 
BONE price is influenced by several factors, such as the performance of ShibaSwap platform, the demand and supply of BONE tokens, the sentiment of Shib Army, the competition from other decentralized exchanges, and the overall market conditions. 
BONE has a chance to break out of the downtrend and start a new uptrend if it can break above $1.6 and close above it on a daily basis. In that case, BONE could target $2 in the short term and $3.4 in the medium term. 
However, if BONE fails to break above $1.6 and falls below $1.5, it could continue the downtrend and test $1.2 or lower in the short term and $0.8 or lower in the medium term. 
BONE price prediction is largely dependent on how these factors play out in the future and how they affect the demand and supply of BONE tokens. 
This article is not a financial advice and you should do your own research before investing in any cryptocurrency.
The post <a href="https://cryptomesh.net/bone-the-shibaswap-token-that-could-surprise-you-in-2023/">BONE: The ShibaSwap Token That Could Surprise You in 2023</a> first appeared on <a href="https://cryptomesh.net">CryptoMesh</a>.

BONE: The ShibaSwap Token That Could Surprise You in 2023

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