Bone Price Analysis: Is BONE Coin On The Verge Of A Major Breakthrough?

The cryptocurrencies continue their struggle to hold the price above the support levels as the bulls and bears constantly fight to gain power. The memecoin industry has been affected the most by it, as major coins continue to trade in the red.

The memecoin has been trading under massive price volatility since the start of August, resulting in the price cutting off over 55% in its value. Even after multiple attempts, the bulls have repeatedly failed to break out of the descending channel.

Following the Death Cross, the Bone price has been experiencing a strong overhead bearish pressure and has been trading under an influential resistance trendline. The BONE price has recently jumped nearly 5%, resulting in the coin witnessing its first jump since the fall.

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As the bulls repeatedly fail to gain power, the memecoin has traded in a descending wedge since mid-August. Further, the coin had been trading in a consolidated range of $0.7786 and $0.8379 for over two weeks and recently broke out towards the resistance level.

The RSI displayed a sharp jump in its averages by breaching the overbought range, indicating a massive buying and selling power. On the other hand, the MACD displayed constant flatlines since the month’s start, indicating an uncertainty in price action. Moreover, the histogram recently displayed a spike, indicating the possibility of a trend reversal soon.

In conclusion, if the market regains power and holds the price above the level, then the Bone price will soon experience a bullish movement. If the price experiences a jump, then it will prepare to test its resistance level of $0.9158 soon.

On the contrary, if the bears overpowered the bulls, the price would continue to lose value and fall back into the consolidated range. Further, if the market fails to gain momentum, then the BONE coin will test the support level of $0.7786 by the month-end.