- Bone Shibaswap price has outperformed other coins like Bitcoin and ETH.
- Shiba Inu developers are working on the Shibarium launch.
Bone ShibaSwap price has staged a strong recovery in the past few days as investors watched the recent Shibarium news. The token jumped to a high of $1.4475 on Friday, ~27% above the lowest level this month. It has done better than most cryptocurrencies, including Bitcoin, Ethereum, Shiba Inu, and Ripple.
The biggest catalyst for Bone Shibaswap price is the recent developments about Shibarium launch. For starters, Shibarium is a layer-2 network meant to supercharge Shibarium’s ecosystem.
A layer-2 network works by operating as a sidechain, which helps to boost its speed and lower its transaction costs. Unlike Ethereum, Shibarium will be able to handle thousands of transactions per second at a minimal cost.
In a statement, the team building the product said that they had launched it successfully in a private mode. As such, the team just needs to make it public and the software will be up and running soon.
Most importantly, the team noted that funds were safe after the recent botched launch. In a recent note, the developers said:
“After two days of testing and tweaking parameters to achieve “ready” state Shibarium is now enhanced and optimized. We have enabled a new monitoring system and additional fail safes including rate limiting at the RPC level and auto server reset in case we get a huge level of traffic again.”
Bone Shibaswap price forecast
The price of Bone Shibaswap crashed to a low of $1.0964 on August 17th as cryptocurrencies tumbled and after the botched Shibarium launch. Now, it has bounced back and moved above the 25-day and 50-day moving averages. The two averages have even made a bullish crossover pattern.
At the same time, the Relative Strength Index (RSI) of BONE price has continued rising and is nearing the overbought level of 70. The Stochastic Oscillator has also moved to the overbought level.
BONE price has also formed a bullish flag pattern. Therefore, there is a likelihood that the token price will continue rising as buyers target the next key resistance point at $1.60. The stop-loss of this trade will be at $1.2800.
