BONE Could Have Major Move in Store

BONE on the Brink of a Big Move?

The development of the Shiba Inu (SHIB) ecosystem, and Shibarium, has shown that BONE could have a major move on the horizon. Specifically, a look back shows that weeks of poor performance could be set to potentially turn around.

U.Today notes that, after reaching its previously mentioned highs, BONE declined to lows of around $1 on the 28th of March. Yet, since then, the price of the asset has consolidated around that same $1 point. Currently, the crypto is trading at $1.04, down 2.85% over the last 24 hours.

The report states that the daily RSI for the token is progressing to 30 oversold levels. Then, when it reaches those oversold conditions, there is a chance for a BONE relief rally. Moreover, the report states that there is an expectation of at least a “dead cat bounce.”

Still, BONE must first get past the key daily MA 50 barrier, which stands at $1.15 in order to continue a trend upward. Moreover, a barrier at the daily MA 200 of $1.36 could also prevent the token from further upward movement. Conversely, if these levels are overcome, BONE could reach its February high of $2.10.

Additionally, the report notes that BONE consolidating in a specific range for several weeks could make its case for movement stronger. However, it does seem to have built support at the $1 mark. Yet, a necessity in the Shibarium blockchain, and Shiba Inu ecosystem, could also be positive facets.