After two weeks of trading sideways, following a significant prior decline, Bone’s price has begun to rise once more. It surged by 25% starting from September 25, reaching its peak on the 27th, and is now undergoing a slight retracement.
The question now is whether this increase marks the beginning of the next bullish upswing or if the current retracement will lead to further downside continuation?
The BONE price began its journey with a substantial surge of 323%. It initiated trading at $0.30 on January 11, 2022, and swiftly climbed to $1.25 the following day. After a consolidation phase, it retraced back to its initial price point on May 12 of the same year.
At this point, things were ready for the following upward surge, driving the price to its highest ever at $2.36 on August 30, 2022—an impressive 690% rise. But afterward, the price has been mostly moving sideways, staying within a wide range that shaped a balanced pattern.
Both its resistance and support levels have exhibited a gradual descent, marked by two consecutive lower highs and corresponding lows. On September 25, 2023, we witnessed the third interaction with the support level, which appears to have initiated a bounce, with the latest low registering at $0.78, slightly higher than the previous low of $0.67 recorded on June 10.
Currently, with the price trending upward while still enclosed within the symmetrical structure, further upward movement is anticipated. The Relative Strength Index (RSI) plumbed to 24% on September 18, signaling a minor oversold condition. It has since rebounded, currently residing at its mid-range of 50%.
When we zoom in on the hourly chart and closely examine the wave structure, it becomes evident that the initial upward surge concluded at yesterday’s peak of $0.93. Today’s subsequent decline of 8.6% represents the first sub-wave within the broader wave 2 of a higher degree.
Based on this analysis, we are currently in the midst of an ABC correction to the downside. The A wave appears to have reached completion around the 0.5 Fibonacci level. We can now anticipate a minor upswing, likely reaching around $0.89, before embarking on the final wave C to the downside. Ideally, the target for this C wave would be the 0.618 Fibonacci level at $0.83, though there’s potential for further downward movement.
Upon the completion of this correction, we anticipate the commencement of a broader uptrend, one that may surpass yesterday’s high and potentially reach levels above $1. In fact, if this marks the beginning of the larger move, it may extend even further, possibly targeting the $1.80 range.
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.