Bonk Price Dips 22% Amid Overbought Conditions
The price of Bonk has fallen by 22% in the last 24 hours, trading at $0.00001051 as of 5:00 a.m. EST. This drop in price comes after the Relative Strength Index (RSI) showed overbought conditions, with the index spending eight days above the 70 level. The exhaustion of bulls led to a pullback.
A Recovery Attempt After Finding Support
Despite the drop, Bonk price found support at the 61.8% Fibonacci level of $0.00000934 and is now making an attempt at recovery. This support level is significant for the meme coin.
Coinbase Listing Boosts Sentiment
BONK token is set to be listed on Coinbase, as announced in an official statement by the platform. This news has already pushed the Solana blockchain-based token up by 8%, signaling positive sentiment among investors.
Bonk Price Outlook: Fibonacci Levels and Bearish Pressure
The important Fibonacci level for Bonk price is at $0.00000934, and if buyers do not regain momentum, bears could take control and push the price below this level. Increased selling pressure may even cause a 65% drop to the 23% Fibonacci level at $0.00000360.
On the other hand, if sideline investors join in, Bonk price may see a recovery and have the potential to reach the $0.00001185 or even $0.00001343 resistance levels.
Meme Kombat’s MK Token as an Alternative
For those interested in meme coins, the MK token offers a promising entry into the Meme Kombat ecosystem. The project’s presale is currently ongoing, with MK tokens being sold for $0.235 each. Staking opportunities are also available with high annual percentage yields (APY).
Closing Thoughts: Bonk Price Recovery Uncertain
Bonk price is currently at a critical level, with the potential for both recovery and further downward movement. The position of the RSI and the AO indicate the presence of bulls in the market, but buyer momentum needs to strengthen to prevent a deeper drop. Investors should closely monitor the price action and market sentiment before making any decisions.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.