Bonk price plunged 8% in the past 24 hours to trade at $0.00001097, with trading volume falling 12% to $80.78 million.
The price drop effectively wiped out the gains of the past five days. During this bullish period, the coin fell back to the levels seen a week ago after being rejected at the important resistance level of $0.0000125.
Bonk Price Prediction
From a technical point of view, Bonk is giving an upcoming bullish signal. Many traders believe that the coin has entered a consolidation phase, which is just an accumulation period, after which a new rise will occur.
If Bonk is in a bullish scenario, it might escape from the sideways channel and reach $0.00001927 in the coming days.
Currently, a clear bullish signal from the coin is the clear widening of the Bollinger Bands, where the upper band is located at $0.00001197 and the lower band is currently at $0.00001072.
With the price quickly approaching the lower band, this could mean several things, including that the asset is oversold, it is approaching a strong support level, or a trend reversal could be in the offing.
Another thing to note is that the Relative Strength Index (RSI) level for this coin is very low, at 28.02 at the time of writing. Therefore, the RSI score has already dipped deep into the oversold zone. When this happens, traders often see it as a signal to buy the coin at a low price.
By doing so, they initiate a new bullish trend where the price eventually rises, which is very likely to happen on BONK in the near future.
The coin still has several minor resistances to break through, but the first real challenge is located at $0.0000120, followed by $0.0000125. If BONK manages to break through these levels, it will have a chance to return to its monthly high of $0.0000172.
Alternatively, if its price continues to fall, BONK is likely to encounter its strongest resistance at $0.0000100.
A promising alternative to Bonk
While BONK prices may bottom out soon and may be a good opportunity to buy now, many community members pursuing memecoins are pursuing a different project - Sponge V2 (SPONGE).
The project is a new version of Sponge (SPONGE), which once saw a 100x surge after its launch in 2023.
When life gives you water, grab $SPONGE!
Soak up that moisture!
#SpongeV2
#MemeCoin
#AltSeason
pic.twitter.com/tvuVBm6d8t
— $SPONGE (@spongeoneth)
January 30, 2024
Now, the project is offering those who missed out on that surge the chance to join Sponge V2 and potentially earn the same or even better returns.
It even allows Sponve V1 holders to transfer their token holdings to V2 and stake tokens to receive Sponge V2 rewards.
So far, the amount of SPONGE pledged has reached $3.78 million. In addition, users can also purchase SPONGE through ETH, USDT or credit or debit card, pledge tokens, and start earning rewards.
Sponge V2 claims to be bigger and better than the original, and therefore presents a great opportunity for those looking to profit from the memecoin space.
It is important to note that Sponge V2 is in no way affiliated with Nickelodeon or its creation SpongeBob SquarePants.
The developers said they were simply inspired by the popular meme and they wanted to perpetuate it through a token that would benefit the community.
Click here to visit and purchase Sponge V2.
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