- Bone ShibaSwap price has dropped in the past two straight days.
- The decline happened ahead of the Shibarium mainnet launch.
- The outlook remains bearish as traders prepare to sell the news.
Bone ShibaSwap price has retreated in the past two straight days as demand for the token eased. BONE dropped to a low of $1.4630 on Monday, which was lower than last week’s high of $1.8126. Similarly, Shiba Inu has dropped by over 5% in the past 24 hours.’
Bone ShibaSwap has been one of the best-performing cryptocurrencies in the past two months. It has surged by more than 120% from the lowest level in May, outperforming top coins like Dogecoin and Cardano.
The main catalyst for the Bone ShibaSwap price is the upcoming Shibarium mainnet launch, which I wrote about here. Shibarium is a layer-2 network that will significantly increase the speed of ShibaSwap’s ecosystem while simultaneously reducing transaction costs.
It is unclear when the Shibarium’s mainnet will launch though several analysts believe that it will happen this week. In a Tweet, KuCoin, a leading exchange, speculated that the mainnet launch will take place on Monday.
To be clear. While Shibarium’s mainnet upgrade is a good thing, it is not a guarantee that Shiba Inu and Bone Shibaswap tokens will rise when it happens. Instead, the opposite could happen because of a situation known as buying the rumour and selling the news.
In most periods when an important news is expected, assets tend to rise and then they retreat when the event happens. A good example of this is the recent Litecoin rally as traders waited for halving. Litecoin has lagged other coins since then.
Bone Shibaswap price prediction
The daily chart shows that the BONE price has been in a strong bullish trend in the past few months. It has jumped from a low of $0.6605 in June to a peak of $1.822. Recently, it has lost momentum and dropped by more than 20%, meaning it has moved into a bear market.
Bone ShibaSwap remains above the 50-day exponential moving average, which is a positive thing. However, it has crossed the 25-day MA and the support at $1.4910, the highest level on July 8th.
Therefore, I suspect that the token will have some volatility this week if the Shibarium mainnet happens. In the long term, I suspect that the token will rebalance and move back to about $1.
