The BONK Price Drops as Traders Take Profits
The price of BONK has decreased by over 6% in the past 24 hours, trading at $0.00000439. This drop comes as traders begin to cash in their profits from the altcoin’s significant surge over the last month. BONK’s market capitalization has increased by more than 1,800% during this period, surpassing Bitcoin.
BONK Price at Risk Due to Perpetual Contracts Listing
Binance recently listed perpetual contracts with 50X leverage tied to BONK. Historically, the listing of perpetual contracts for smaller cryptocurrencies has led to price drops. These contracts allow investors to speculate on the price of an asset without physical settlement and offer greater leverage opportunities.
An example of this effect is seen with Pepe (PEPE), where its market cap surged after the listing of perpetual futures tied to it. However, the market cap later dropped significantly.
Potential Steep Price Drop for BONK
The price of BONK has been consistently increasing and may attempt to surpass the resistance level at $0.0000055530. If it breaks this barrier, it could set a new all-time high. However, if BONK fails to close above $0.0000055530 within 72 hours, it may pull back to the support level at $0.0000029830.
In a more bearish scenario, profit-taking activity could push the price down even further to around $0.0000015730 in the short term.
A Shift in BONK’s Momentum
Technical indicators on BONK’s daily chart suggest a bearish shift in momentum may occur soon. The Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) indicators indicate a potential slowdown in positive momentum.
The RSI line is below the RSI Simple Moving Average line and sloping negatively towards oversold territory, indicating sellers gaining the upper hand. Additionally, the MACD Histogram indicator’s flat gradient suggests a possible price decrease in the coming days.
Introducing Meme Kombat: A Utility-Based Meme Coin
Meme Kombat is an innovative gaming project that allows holders to bet on battles within its ecosystem. It also offers staking programs with high annual percentage yields (APYs) and the chance to win lucrative rewards. Investors can purchase MK, the project’s native token, through its presale.
Attracting Attention from Whales
In the past 24 hours, Meme Kombat saw a whale invest over $18,000 in its presale. Other investors have also rushed to buy this altcoin, raising over $2 million in total. With the growing popularity of meme coins and the utility offered by Meme Kombat, MK’s price is likely to increase significantly in the coming months.
Hot Take: Meme Coins Continue to Attract Attention
Meme coins like BONK and Meme Kombat’s MK have gained significant attention in the crypto market. While their prices may experience fluctuations due to factors such as perpetual contracts listings and market sentiment shifts, these coins offer unique opportunities for investors looking for high-risk, high-reward assets. As long as meme coins continue to innovate and provide utility, they are likely to remain popular among crypto enthusiasts.
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