Bonk Price Drops by 9% in Crypto Market Fall
BONK has experienced a 9% loss, dropping to $0.00001269 as the overall crypto market falls by 1% in the past 24 hours. However, it is important to note that BONK has actually recovered by 30% since reaching a one-month low on January 8. In fact, the coin has seen an impressive 900% increase in the past year.
Given its recent loss, BONK’s chart shows signs of weakness, with more losses expected in the near term. The RSI indicator has fallen below the 50 level, indicating a shift towards selling rather than buying. Additionally, the 30-day average has flattened out, suggesting a potential drop towards the 200-day average.
Key Support Level to Watch for BONK
The support level for BONK will face a test as its price sinks towards $0.0000120. A decisive drop below this level could trigger further selling and negatively impact the Bonk price. On the other hand, if the support level holds up, it could lead to consolidation and recovery from its recent low.
Despite relatively low trading volume, there is still interest in Bonk, with one whale holding approximately 236.28 billion BONK tokens at present. This suggests that once the market becomes more bullish, Bonk could experience new rallies.
Alternative Meme Tokens with Potential
If you prefer alternative meme coins while waiting for BONK’s correction to play out, consider investing in Meme Kombat (MK). MK is an Ethereum-based betting platform that has raised $7 million in its presale. The platform allows users to place bets on AI-generated meme battles, with results processed transparently and fairly on the Ethereum blockchain.
Users can use MK tokens to place bets and stake the token for a passive income. With its playful meme approach, Meme Kombat has attracted support from the crypto community and shows potential for success upon launch.
Hot Take: Bonk Price Prediction
While BONK may face further losses in the near term, its recovery from recent lows and continued interest from whales indicate potential for renewed gains. As the wider market becomes more bullish, BONK could reach $0.00002 in the next couple of months and $0.00004 in the latter half of the year.
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