Shiba Inu’s BONE has been consolidating in a range around the $1 mark for weeks, with an impressive drop of almost 100% from its all-time high in February. Currently, BONE has fallen 3.74% in the last 24 hours and is trading near the $1 mark. Technically, BONE’s daily RSI is moving closer to the 30 level. If it meets this level, a relief rally or dead cat bounce could occur. Two strong resistance barriers, at $1.15 and $1.36 respectively, lie between BONE and its February high. The fundamentals of Shibarium, BONE’s layer 2 protocol, have seen strong growth. Puppynet, the beta testnet, has seen an impressive 365,282 interacting addresses, 2,255,398 transactions in 324,129 blocks, and a 5.0 second average block time.

In order for BONE to reach its February high, it must break the current resistance barriers. On the plus side, BONE has built strong support near the $1 mark and the Metrics for Shibarium’s protocol has seen a considerable increase in utility. While BONE has certainly endured its share of underperformance since February, the upcoming technical move could prove to be a major turning point. If the resistance barriers are broken, BONE could be in for quite a rally. Unless the support continues to build, then BONE may remain in its current range.

Despite BONE’s drop following its February highs, the cryptocurrency remains a promising long-term investment. Its rising fundamentals point to a bright future. While BONE needs to break through resistance in order to reach its previous heights, any technical move is seen as a positive toward the future of this cryptocurrency.



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