Shiba Inu’s BONE Token Hits AtomicWallet, But Price Takes a Dive

BONE, the native token of Shibarium, has been listed on AtomicWallet, granting access to over five million users and significantly boosting its adoption, the Shiba Inu (SHIB) ecosystem announced.

$BONE lands on @AtomicWallet giving 5 million users access to the fuel of #Shibarium ⛽️ https://t.co/mqFNVfhwkD

— Shib (@Shibtoken) June 10, 2024

ShibariumNet, developed by Shibtoken, is a Layer 2 blockchain designed for scalability, faster, cheaper transactions, and expanded development. The inclusion of BONE on AtomicWallet marks a significant milestone for the SHIBARMY community.

Despite the positive news, the price chart of Bone ShibaSwap (BONE) shows a downward trend over the past 24 hours. Currently priced at $0.5607, $BONE has seen a 3.98% decrease for the day. Analyzing the key support and resistance levels helps in understanding these price movements better.

Immediate resistance levels include $0.5829, reached early in the day but not sustained, marking the highest point on the chart. This level serves as a crucial resistance point as the price was unable to hold and reversed sharply. Additionally, $0.5750, a mid-day attempt to rise, was rejected around this level, indicating another resistance level where selling pressure increased.

On the support side, $0.5560 marks the lowest price observed during the 24-hour period, showing a critical support level where the price found some buying interest and started to stabilize. The current price hovers around $0.5600, also acting as immediate support. Multiple interactions with this level suggest it is a significant short-term support.

The trading volume in the last 24 hours is $8,732,199, a significant increase of 49.94%. Higher trading volumes can indicate stronger interest and potential volatility. The volume/market cap ratio stands at 6.77%, indicating a moderately active trading scenario. This ratio shows substantial volume relative to the market cap, hinting at increased activity and potential price movement.

BONE/USD 1-day price chart, Source: Trading view

Additionally, the 1-day RSI reads 36.81, indicating that the asset may be approaching oversold conditions. This potentially signals a buying opportunity for traders looking to enter the market. . However, the 1-day MACD trading below the signal line suggests that the asset’s short-term momentum is negative, potentially leading to further downward price movement.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Source