At the time of writing, the price of Bone #ShibaSwap was slightly above $0.82, forming the first green candle since the start of August.

Although there is a lot of market selling pressure for BONE, no significant dump has been seen.

The meme coin's network growth, which tracks the creation of new addresses on the network, is also being impacted by this strain.

One of the few meme coins that had a successful Monday was Bone ShibaSwap, commonly known as BONE. The meme coin is primarily known for being a component of the #Shibainu ecosystem, but it is gradually establishing itself as an own entity, assuming it can draw enough users to support its long-overdue recovery.

Price increase for BONE , but only temporarily Trading at $0.82 at the time of writing, the meme coin was up just under 6% over the previous day. Although a 6% increase in Bone ShibaSwap is not very noteworthy in light of recent events, it is quite significant.

The altcoin's value has dropped by 55% from the beginning of August, from $1.73 to $0.81. During this time, the meme coin also saw a death cross, which is a bearish indicator and is indicated by the crossing of the 200-day exponential moving average (EMA) and the 50-day EMA.

When this is combined with the Relative Strength Index (RSI), it becomes evident that a clearly bearish conclusion is likely because the indicator is currently situated deep within the bearish zone.

The year-to-date low for Bone ShibaSwap would be $0.68 if the meme coin's price continued to fall. Long-term, however, the bearish thesis would be refuted if the altcoin manages to defy all expectations and grow by 20% to reach the barrier at $1.01 and shatter it.

1-day BONE/USD chart

The altcoin may also make the 50-day EMA an ally by turning this level into support, which would strengthen a rally.

Probabilities of recovery are slim.

After this surge, the likelihood of an increase is not very high. The investors' pessimism is what's causing this. According to the daily transactions made on-chain, 20.58 million BONE, worth around $16.82 million, were traded for less than they cost to buy.

As a result, more transactions went bad, while fewer than 500,000 BONE tokens were traded profitably at a price higher than the original purchase price. A surge in loss-bearing transactions typically indicates that investors are growing impatient and may be ready to sell their assets. This increased selling pressure worsens the meme coin's bearishness.

Any sales would frighten both potential investors and those who are currently holding BONE. The network's newly generated addresses may experience a further fall, which would have an effect on the network's growth, which is already at a two-month low.

The metric is meant to gauge a project's market traction, and in the instance of Bone ShibaSwap, new investors' interest isn't particularly high.