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The last six-month price action of the BONE token price has shown a textbook example of a rounding bottom pattern. This pattern is usually observed at market bottoms, and its emergence signifies a sustained improvement in market conditions and a trend reversal. Under the influence of this pattern, the coin price is steadily approaching the $2.1 monthly resistance, aiming for a bullish breakout.
Key Points:
- The rounding bottom pattern is identified when coin price recovery in a U-shaped structure.
- A bullish breakout from the $2.1 will encourage further growth in the BONE token price
- The 24-hour trading volume in the BONE coin is $383.2 Billion, indicating a 3.5% gain.
Source-Tradingview
On February 15th, the Bone token price rebounded from local support of $1.27-1.25. The following V-shaped recovery surged the prices 50% higher where it currently exchanges hands at the $1.9 mark.
A V-shaped recovery is generally considered a positive indicator as its quick recovery signals strong confidence from buyers as it undermines the prior correction phase. Thus, the rising BONE token price recovered the losses witnessed during the February 2nd week and breached the last swing high resistance of $1.86.
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With a 14% intraday jump and a significant surge in volume, this breakout indicates the buyers’ commitment to further. Thus, with sustained buying, the coin price may rise 9.1% higher to strike the $2.1 neckline resistance of the rounding bottom pattern.
In response to the bullish pattern, the BONE is likely to break the long-coming resistance of $2.1, intensifying the underlying buying pressure in the market. In an ideal condition, a potential post-breakout rally may drive the prices to the $3.5 mark.
Technical indicator
RSI: Contrary to the rising price action, the falling RSI slope indicates weakness in bullish momentum. Thus, a bearish divergence indicates the coin price may consolidate below $2.1 for a new session before the actual breakout.
EMAs: The rising EMAs(20, 50, 100, and 200) signal a sustained recovery in the BONE token. These EMAs could offer strong support during occasional pullbacks.
BONE Price Intraday Levels
- Spot rate: $1.97
- Trend: Bullish
- Volatility: Low
- Resistance levels- $2.1 and $2.5
- Support levels- $1.89 and $1.25
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