Can SHIB replicate BONE’s surging price action
- A few of the market indicators remained bullish on BONE.
- SHIB’s price moved marginally over the last 24 hours, despite high buying pressure.
While that happened, SHIB, the flagship token of the blockchain, somewhat went sideways.
BONE’s weekly chart turns green
The last week was profitable for investors as BONE’s price chart remained green. According to CoinMarketCap, the meme coin was up by over 4% last week. At the time of writing, the meme coin was trading at $0.00001389 with a market capitalization of over $879 million.
To better understand what the market thinks about BONE, AMBCrypto took a look at Santiment’s data. Our analysis revealed that BONE’s social volume spiked, meaning that it remained popular in the crypto space.
However, it was interesting to note that despite the recent uptick in the token’s price, its weighted sentiment remained in the negative zone, which clearly meant that bearish sentiment around the meme coin was dominant in the market.
To see whether BONE would maintain this price uptrend despite bearish market sentiment. We took a look at the meme coin’s daily chart. The token’s Money Flow Index (MFI) was also high, suggesting a further price hike.
However, a few of the indicators supported the bears. For example, the Relative Strength Index (RSI) took a sideways path near the neutral zone. Its Chaikin Money Flow (CMF) also went steeply down in the recent past.
Additionally, the Bollinger bands suggested that BONE’s price was in a less volatile zone, minimizing the possibility of an unprecedented price surge in the near term.
Shiba Inu remains dormant
While BONE’s weekly chart remained green, Shiba Inu’s price chart recently turned red. According to CoinMarketCap, SHIB was down by 1% in the last 24 hours. At the time of writing, it was trading at $0.000009614 with a market cap of over $5.6 billion.
Read Shiba Inu’s [SHIB] Price Prediction 2024-25
The dormancy in SHIB’s price was surprising to look at, as buying pressure on the meme coin was high. This was evident from the fact that SHIB’s supply on exchanges dropped substantially while its supply outside of exchange climbed slightly last week.
Therefore, how Shiba Inu manages to react to BONK’s recent price gains will be interesting to watch over the days to follow.