BONK price has seen major declines over the past few months, now sat at 65% of its peak, can BONK price analysis reveal whether BONK is going to zero? Also, discover the next meme coin trend as attention shifts.
The downside move comes as BONK price action remains in a bearish pendant pattern, signalling short-time frame losses on the cards.
Target hit $BONK
Thanks for playing https://t.co/XX1GR1FgyB pic.twitter.com/gjSMm5VGKp
— Sam Mti (@MTI_Trading) January 19, 2024
Despite this technical weakness, trader sentiment remains bullish in the crypto community, with some anticipating a bounce to create double-bottomed support.
BONK Price Analysis: Can BONK Find Feet Amid -65% Drop or Is BONK Crypto Going to Zero?
With price battling further retracement, BONK crypto is currently trading at a market price of $0.00001163 (representing a 24-hour change of -3.32%).
This continual slide into retracement paints a worrying initial picture, especially after more than a week of failed attempts to break-through a descendant layer of upside resistance.
As price pushes down, all eyes are on the lower support level at $0.00001133, which set the stage for the resistance test over the past week.
Double-bottomed support here is critical on the short-time frame, representing the last ditch opportunity for BONK price to reclaim the 20DMA – which is currently forming a capstone of upside resistance at $0.00001322.
Meanwhile an ascendant 200DMA has smashed into the trading channel, offering a lower bedrock of support down at $0.000004.
In a positive sign, recent downside price action has seen the RSI cool to a bullish oversold signal at 42.78 – suggesting a bounce here could trigger major upside appreciation.
Yet, the MACD is displaying minor bearish divergence at -0.000000023 in a sign of stalling momentum.
Overall, BONK price analysis reveals the importance of a bounce on the short-time frame from lower support level at $0.00001133, if this occurs BONK could resume strong rally structure – but if this fails BONK crypto could see a major tumble.
To the upside this leaves BONK with a local price target at $0.00001482 (a possible +28.3%).
While downside risk could see BONK crypto drop down to $0.00000400 (a possible -64.59%).
BONK price analysis leaves BONK crypto with a risk: reward ratio of 0.44 – a bad entry characterized by outsized downside risk.
But while BONK offers little opportunity on the short-time frame, an new meme coin project is getting major hype.
Meme Kombat Explodes Over $7.12M Raised In Skyrocketing Presale – Don’t Miss Out on BONK Price Analysis Alternative
Meet Meme Kombat, a trailblazing initiative that has seamlessly blended the memetic love of nostalgic gaming, and GambleFi, into a decentralized Web3 platform.
So, what makes Meme Kombat tick, and why should potential investors keep a keen eye on this presale?
The essence of Meme Kombat lies in its captivating arena where characters aiming to tap into deeply tribal crypto communities lock horns.
Players have the liberty to place their bets on these animated battles, predicting the outcomes and possibly reaping attractive rewards.
What a beautiful sight to behold!
We reached $7.1 million in the presale pic.twitter.com/bvCfVmhK1h
— Meme Kombat (@Meme_Kombat) January 19, 2024
Season 1 of the project promises 11 unique meme characters, ensuring plenty of action. Season 2 is already planned for December 2023. The project’s decentralized nature, along with the excitement of AI-driven battles, guarantees outcomes that are transparent yet unpredictable.
BONK Price Analysis Blues? Meme Kombat Pits Meme Communities in High Octane Staking Battles
The project goes beyond excitement; it’s founded on trust. Meme Kombat’s dedication to transparency shows in their upcoming smart contract security audit.
The findings of this audit will soon be public, a move that many projects shy away from.
The founder and project lead, Matt Whiteman, isn’t an unknown entity in the crypto space.
His role as COO of North Technologies, and two decades in process design add credibility to Meme Kombat. Whiteman’s public profile and the Amsterdam address give extra trust in an era of project anonymity.
Embrace the future of meme-based gaming and betting with Meme Kombat.
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The post Is Bonk Going to Zero? BONK Price Drops 65% From Peak as Attention Shifts to New Viral Meme Coin appeared first on Cryptonews.
