BONE, a crucial component of the Shiba Inu (SHIB) ecosystem, may be on the verge of a significant move.

BONE, an important component of the growing Shiba Inu (SHIB) ecosystem, may experience a significant movement in the near future. U.Today suggests that this development could come after a period of underperformance for the digital asset.

On February 21, BONE reached highs of $2.01, largely due to the anticipation of the Shibarium Layer-2 blockchain. However, BONE has since dropped almost 100% from that peak, currently trading around $1. Despite this, there may be something brewing in the bigger picture.

The development of the Shiba Inu (SHIB) ecosystem and Shibarium suggests that BONE may be on the brink of a major movement. Despite weeks of poor performance, U.Today suggests that BONE could potentially turn things around.

Following its previous highs, BONE hit lows of approximately $1 on March 28. However, the asset has since consolidated around the $1 mark, currently trading at $1.04. The report indicates that the daily RSI for the token is approaching 30 oversold levels, which may trigger a BONE relief rally. Furthermore, the report suggests that at least a "dead cat bounce" is expected.

Nevertheless, BONE must first overcome the key daily MA 50 barrier at $1.15 to continue trending upward. Furthermore, the daily MA 200 barrier at $1.36 could also impede further upward movement. If these levels are surpassed, however, BONE may reach its February high of $2.10.

Moreover, the report suggests that BONE's consolidation in a specific range for several weeks could strengthen its case for movement. Additionally, the necessity of Shibarium blockchain and the Shiba Inu ecosystem could also be positive factors. It appears that BONE has established support at the $1 mark.