Since August 19, Bone ShibaSwap (BONE) has been rising at an accelerated pace. With its $2.10 peak on August 30, it surpassed a significant Fib resistance level.
The ShibaSwap ecosystem’s governance token is BONE. It enables holders to vote on proposals according to the value of their shares.
Since the start of the year, the price has failed to escape the $1.20 horizontal resistance zone. During this period, it attempted to escape three times without success.
However, the price began a sharp upward trend on August 19 and successfully broke out on August 29. During this ascent, BONE grew by 200% in 10 days and continued its ascent on the 11th day. The pace of the price increase over the previous two days coincided with BONE’s launch on the BlueBit market.
It is now trading around $2.10, the external 2.61 Fibonacci retracement resistance level. If successful, the next level of resistance would be around $2.65, generated by the 3.61 external Fibonacci retracement level.
The cryptocurrency and stock trader @mindandtrading posted a BONE price chart indicating that the price had risen to $2. He said the next point of resistance would be around $2.60.
The region of resistance coincides with the external Fibonacci retracement level of 3.61 when assessing the preceding negative trend.
Insufficient bearish divergence
The RSI readings suggest the continuance of the uptrend towards the specified objectives. The first reason is that the indicator has broken above a falling resistance line, and the second is that there is no bearish divergence in the daily RSI, despite the fact that the signal is overbought.
Similarly, the RSI for the six-hour time period lacks bearish divergence. In contrast, the indicator is rising while being far into the overbought zone.
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