BONE (BONE), the Governance Token of Shiba Inu DEX ShibaSwap, Witnesses a Massive Surge Approaching $0.50. Will This Drive the Uptrend to $1?

As the crypto market recovers, the market capitalization of the meme coin segment has reached $58 billion. Amidst the recovering meme coins, Shiba Inu and its

The price of Bone (BONE), the governance token of Shiba Inu DEX ShibaSwap is rapidly increasing. At the time of writing, the token is trading at $0.4124, up 10% in 24 hours, according to Benzinga.

Shiba Inu: A Monumental Comeback In Sight?

As the crypto market recovers, the market capitalization of the meme coin segment has reached $58 billion.

Among the recovering meme coins, Shiba Inu (CRYPTO: SHIB) and its closely related coins like Bone ShibaSwap (CRYPTO: BONE) are on a bullish roll. Especially, SHIB token has surged nearly 14% in the past 24 hours.

While SHIB is known for its wide price swings, BONE is showing an even steeper recovery with an intraday rise of more than 17%. This strong move has brought BONE closer to the $0.50 psychological level, which could be a crucial factor in determining the next stage of BONE’s price trend.

Will This Propel BONE to $1?

The bullish recovery in BONE comes days after a core Shiba Inu team member, Lucie, highlighted the possibility of a massive comeback in the governance token. In a recent post, Lucie compared BONE to top altcoins like Cardano (CRYPTO: ADA) and XRP in their undervalued years, where they underwent intense consolidation.

However, she highlighted that BONE is currently undervalued despite its role in the Shiba Inu ecosystem, and it is still largely unknown to the broader crypto community.

Coming to the technical analysis, in the weekly chart, the BONE token price has been forming a falling wedge pattern since early 2023. The short-term resurgence in the BONE token price marks a positive comeback within the wedge pattern.

With a 61% surge last week, the BONE token price completed a morning star pattern. Furthermore, continuing the uptrend from the bullish reversal pattern spotted near the support trend line, the token price recovered 12% this week.

At the time of writing, BONE token trades at a market price of $0.4124, with an intraday recovery of nearly 10%. Supporting the chances of a bullish comeback further, the MACD and signal lines are on the verge of marking a bullish crossover.

This will increase the possibility of a breakout rally in the BONE token. But, the 7-day high at $0.4778 marks a bullish failure to sustain dominance above the 50-week EMA line. Thus, the average line acts as a critical resistance close to the overhead resistance trend line.

Also, the dynamic resistance at $0.47, nearly touching the $0.50 psychological mark, showcases a strong supply zone.

If the uptrend continues and BONE manages to breakout above the $0.50 psychological mark, then the meme coin could experience a skyrocketing rally. According to Fibonacci levels, this bullish continuation could bring the price closer to the 50% Fibonacci level, which is located at the $1 psychological mark.