BONK Crashes 31% After A Solid Month – Is the Success Story Ending?
December 22 2023 - 6:23AM
NEWSBTC
BONK has encountered a challenging period following its recent peak
at an all-time high of $0.00003, which occurred just this past
Wednesday. Since reaching this pinnacle, the price has undergone a
significant decline, plummeting by more than 50%. This notable
downturn has raised concerns within the market, emphasizing the
urgency for buyers to re-enter the scene promptly. The next moves
by buyers will play a pivotal role in determining the trajectory of
BONK’s price action. BONK: Meme Coin’s Price Rollercoaster Ride At
the time of writing, the meme coin was trading at $0.000018, down
29% in the last 24 hours, and sustained a significant loss of 30.6
in the last seven days, data from Coingecko shows. Related Reading:
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Rally Latest BONK data mirrors a substantial price surge, drawing
parallels to the remarkable and sometimes notorious ascents
witnessed in other meme coins, such as Shiba Inu. Yet, the chart
now reveals the initiation of a descending pattern, with the
emergence of red candles signaling a sell-off phase and hinting at
the potential conclusion of the BONK narrative. The evolving chart
dynamics raise questions about the sustainability of BONK’s earlier
success and introduce an air of uncertainty into its once-bullish
trajectory. BONKUSD currently trading at $0.0000190336 territory.
Chart: TradingView.com This week, Binance announced a notable
expansion of BONK trading on its platform by introducing it to
Binance Margin. This strategic move followed the earlier listing of
BONK on the exchange with three additional pairs, a decision fueled
by substantial demand for the meme coin. The introduction of BONK
to Binance Margin fueled speculation within the crypto community,
with expectations of a potential price boost for the meme coin.
However, the unfolding events took an unexpected turn, diverging
from the anticipated trajectory. Despite initial speculations, the
market dynamics surrounding BONK underwent a different outcome,
introducing a layer of unpredictability to its trading journey.
BONK seven-day price action. Source: Coingecko As the price
approaches the $0.000018 support level once again, the direction
that BONK is moving in appears to be bearish. If it starts to
decrease, it can soon reach the $0.000014 barrier. RSI Decline
Raises Concerns For BONK The RSI on the three-day timeframe has
been falling rapidly, going from 98 points in early December to 78
points today as the purchasing momentum has faded and the sell
volume is increasing. Remaining bullish would be difficult if this
kept up. The chart’s high volatility, which is seen in its large
price swings and suggests a struggle between buyers and sellers, is
another important component. The market may be losing the sharp
rising trend that typified previous rises as the Moving Averages
(MAs) begin to flatten out. Source: CoinCodex Related Reading:
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According to CoinCodex technical indicators, the current sentiment
is bullish despite the depressing numbers for BONK, and the Fear
& Greed Index is currently displaying 74 (Greed). As for the
meme coin, the current price projection indicates a decline to the
$ 0.000021 level by December 27, 2023, or a loss of 2.39%. Despite
an initially enchanting journey, BONK’s narrative now suggests a
fading magic, leaving investors with another dog-themed asset
lacking a clear use case. The coin’s future appears to be
navigating a cycle where exuberant explosions are followed by
significant corrections, echoing the market’s sobering from
speculative fervor. Featured image from Pixabay
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