The world of cryptocurrency is fickle. In the past week, Shiba Inu (SHIB) and Bone ShibaSwap (BONE) have been on a downward slide. Both coins, part of the Shibarium Layer-2 network, are trading in a downward parallel channel on the weekly timeframe.
Shiba Inu fell by 14.4% over the past seven days, slipping below the $0.00002 support level. This is the first time since March 3, 2024, that it has sunk so low. Bone ShibaSwap did not fare much better, facing a 10% weekly deficit. It plunged below the critical $0.60 support, a level it had maintained for most of the last three months.
Yet, amidst this bearish trend, there is a glimmer of hope for BONE. The token is set for adoption in the upcoming Shiba Eternity Play-2-Earn (P2E) game. Lucie, the marketing team lead for SHIB Token, announced that the blockchain game is nearing its release. The collectible card game has been three years in the making, and a mobile version is already available on Android and iOS.
Shiba Inu’s Price Reversal
The general crypto market is struggling to shake off its bearish mood. However, there was a flicker of optimism for Shiba Inu on July 15, 2024. The Tom Demark Sequential (TD), a tool used to spot price trend reversals, flashed a ‘buy signal’ for SHIB. Ali Martinez, a well-known crypto analyst, shared a graphic showing the 9-candle TD Sequential pattern. This pattern suggests a high probability of a price trend reversal if nine consecutive candles close above the previous four candles.
Despite this promising setup, Shiba Inu’s price remained below the $0.00002 support level as of July 17. The range between $0.00002 to $0.000022 holds 31.73 trillion SHIB spread across 27,120 addresses. If SHIB closes the day below this range, it could face further sell pressure.
As of now, SHIB trades at $0.00001987, down 4% over the past 24 hours, according to CoinGecko. Meanwhile, BONE is priced at $0.5288, hitting a three-month low. Rumors of a new BONE listing circulate among the SHIB Army’s social media channels, but for now, both tokens remain in a precarious position.
