The Bonk Price Decline
The price fell more than 3% over the past 24 hours to trade at $0.00001414 as of 8:40 am EST as investors reduce their exposure to the struggling meme coin.
Multiple Technical Obstacles Restricting The Bonk Price
The Bonk price has been trading in a consolidation channel over the past couple of days. It is currently looking to retest the middle level of this zone at $0.0000128480. A negative trend line has formed on BONK’s 4-hour chart after the meme coin recently printed 2 lower highs.
The Bonk price is currently trading at the middle level of the Bollinger Bands (BBANDS) indicator, an area of resistance for the crypto. Should sellers exert pressure on the Bonk price in the next 48 hours, it may drop below the $0.0000128480 mark.
This level coincides with the lower boundary of the BBANDS indicator. As a result, a break below this point may expose the Bonk price to the risk of falling towards the next major support level at $0.0000088550 in the short term.
Still A Chance For The Bonk Price To Enter A Strong Bullish Move
This bearish thesis may be invalidated if the BONK price is able to close 3 consecutive 4-hour candles above the middle level of the BBANDS indicator i the. In this alternative scenario, BONK may look to overcome the negative trend line on its chart.
A break above these thresholds may lead to a strong bullish move in the following few days. With enough support from bulls, the BONK price may attempt to overcome the $0.0000192765 resistance level.
Traders and investors will want to keep an eye on the Relative Strength Index (RSI) indicator on BONK’s 4-hour chart.
A Second Chance At Substantial Gains
Sponge V2 is a promising meme coin that looks to build off of the successes of its predecessor, Sponge V1. In only its first week, the meme coin surged 340% and went on to reach a peak market cap of $100 million. Sponge V1 is still up more than 80% on the monthly time frame.
Sponge V2 has a strong foundation to launch from, as investors look to stake their V1 tokens in exchange for V2 tokens. The nearly 100% increase seen in Sponge V1’s price over the past fortnight could be a sign of renewed investor interest in the project.
The uptick in Sponge V1’s price on the medium-term time frame could be the result of investors purchasing the meme coin as they rush to get involved in Sponge V2. Investors looking to get in on Sponge V2 will need to purchase and stake Sponge V1 on the project’s website. Sponge V2 can be purchased here.
Bringing Utility Into The Mix
To ensure Sponge V2’s success following its launch, the development team will introduce a higher degree of utility to Sponge V2 than it did in Sponge V1. The team plans on rolling out this utility in three stages.
Sponge V2 can be purchased here.
Hot Take: Where Should You Invest?
At a time when Bonk price appears to be on a decline, the rise of Sponge V2 presents itself as a promising investment opportunity, offering aims at substantial gains with increased utility, strong investor interest, and a successful predecessor.
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.