While the Shiba fan is already excited about the Shiabrium, which is a layer 2 blockchain scaling solution of SHIB and a potential partnership with the World Economic Forum, it seems SHIB developers have hind some surprises in their sleeves.
The Shiba Inu developer ‘Shib Trophias’ hinted at an upcoming update in the entire ecosystem. Read about the update teasers here. Thus, this new upgrade should significantly impact the sister tokens of SHIB, i.e., BONE and LEASH.
Today, we’ll analyze the BONE and LEASH token price action to identify potential future targets.
The BONE token technical chart shows a textbook example of a falling wedge pattern. In theory, this bullish is spotted in an ongoing downtrend, where the role of the pattern is to offer a minor correction before the price resumes its rally.
However, this meme coin is currently going through the aforementioned correction phase and may plunge the prices lower than the last swing low of $0.6. However, the token price now trades at $0.87 and has recently turned down from the pattern’s resistance trendline.
This reversal triggered a new bear cycle within this pattern, which should lead to a downfall to the bottom support trendline. Thus, with sustained selling, the BONE token could tumble 50% and plunge below $0.74 and $0.6-$0.54 support.
However, the trades looking for bullish entry should wait for the price to break the overhead trendline.
The ongoing downfall in LEASH token follows the same aforementioned pattern in the daily time frame chart. On December 5th, this memecoin turned down from the resistance trendline and initiated a new bear cycle within the pattern.
By the press time, the LEASH price has plummeted 7.5% in the last four days and trades at $335. However, in response to this pattern, the price should continue this downward spiral to reach the bottom trendline.
Thus, the coin price is poised for a potential downfall which may break the $307 and $272 support to reach the $250 support.
However, the RSI indicator, which reflects the speed and magnitude of the coin’s current price, indicates an evident bullish divergence against the LEASH price. Contrary to the ongoing downtrend, the RSI slope shows higher high formation indicating growth in underlying bullishness.
This positive outlook from the RSI indicator suggests this memecoin should eventually break the pattern’s resistance trendline to trigger a directional recovery. In an ideal situation, this bullish breakout should lead the prices to $464.
The post Bullish Pattern Sets BONE and LEASH Token for an Upcoming Recovery; Enter Now? appeared first on CoinGape.