BONE Token Plunges Amidst Unrelenting Selling Pressure

The BONE token price chart shows a clear downtrend, with the token dropping below the crucial $1 mark and facing strong selling pressure. Despite a brief recovery attempt, the token has continued to decline, with analysts predicting a further drop to the $0.5000 demand zone. The price action, volume surge, and technical indicators all point to a bearish outlook for BONE, suggesting that the selloff is likely to continue in the near term.

BONE Token Plummets Amidst Persistent Selling Pressure

The BONE token has experienced a significant downturn in its price, dropping by over 54% in the past month, as persistent selling momentum has pushed its value below the crucial $1 mark.

Technical Analysis Reveals Bearish Dominance

The BONE token price chart exhibits a bearish trend, with the token breaching the key 200-day EMA support level and the round number of $1. The follow-on selling pressure has led to a series of lower lows, indicating a continuation of the downtrend. The intraday trading volume has surged, highlighting the intensity of the sell-off.

Volume to Price Analysis Confirms Bearish Outlook

The price volatility and weighted sentiment analysis suggest that volatility has remained low, while weighted sentiment remains slightly positive. However, the BONE/BTC pair has declined, further indicating a bearish sentiment.

Social and Market Metrics Paint Mixed Picture

Social dominance metrics remain steady, implying neutrality, while the number of X followers has dropped significantly, reflecting a negative outlook. The number of active addresses has declined, while the total number of holders has increased, suggesting a mixed market sentiment.

Fibonacci Levels Indicate Oversold Condition

According to Fibonacci levels, the BONE token price has slipped below the 23.6% zone, signaling a severe decline. The RSI curve has moved into the oversold region, further confirming the bearish momentum.

Key Technical Levels

• Support Levels: $0.7150 and $0.7000
• Resistance Levels: $0.7300 and $0.7500

Analyst Outlook Remains Bearish

Analysts maintain a bearish outlook for the BONE token, suggesting that the downtrend is likely to continue. The token is expected to retest the support zone of $0.6500 in the near term.

Disclaimer

The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice.