Honk (HONK) price dropped 35% in the past 24 hours to trade at $0.004224, with trading volume dropping 19% to $5 million.
This sudden price drop is a blow to those who thought that the new Solana meme coin HONK might replace Bonk as the top performer.
The Honk community still believes it can make a comeback and reach its previous market cap peak of $25 million.
However, the question remains: Can it still reach Bonk's level of success?
Honk price is trading in a bullish triangle pattern
Honk price gradually increased from the $0.00183 support level to the $0.0274 resistance level. However, the bears seem to have taken control of the $0.0217 price, exerting pressure and causing a drop to $0.004224.
Despite the decline, the price appears to be trading within a bullish triangle pattern, which signals a possible bullish trend reversal.
The price also fell below the 50-day simple moving average (SMA), which coincides with the downward pressure.
The Relative Strength Index (RSI) is below the 50 midline at 28, indicating that the Honk price is facing huge selling pressure.
Honk Price Prediction: Bullish forces looking for support levels
Honk price is currently in a downtrend but is still trading within the confines of the triangle.
If the bears continue to apply more pressure, the price could drop to the $0.002 support level, forming a double bottom. The double bottom pattern can signal a potential bullish trend reversal as traders look for this pattern to add more buy positions.
However, if the bulls can change the trend and take control, they could push the Honk price to $0.013, which coincides with the upper boundary of the triangle.
Traders looking to get into Honk and investors searching for a promising alternative cryptocurrency with potential returns may want to explore Sponge V2.
Sponge V2 to be released on Polygon Network, the best cryptocurrency purchase option
Did you miss out on the 100x gain of Sponge V1 last year? If so, you still have a chance to accumulate such returns on Sponge V2, which will be listed on major exchanges soon.
Sponge V2 aims to emulate the success of Sponge V1, or even better it, as Sponge V1 attracted more than 13,000 holders and was listed on more than a dozen major exchanges including Toobit, LBank, and BitMart.
Its market capitalization reached $100 million, attracting the attention of important industry figures such as Tron founder Justin Sun, who showed interest in trading meme coin $SPONGE and purchased about $90,000 worth of $SPONGE.
In addition, the Sponge team announced the discontinuation of Sponge V1 and its migration to Sponge V2 on Polygon.
All $SPONGE holders are now being transferred to the more secure, efficient and cheaper way to conduct $SPONGE V2 transactions on the Polygon network. This transition will provide a significant boost to the launch of Sponge V2.
Buy Sponge now, play their game and get rewarded
SpongeV2 brings new features, the most prominent of which is gamified earning (P2E gaming), designed to attract new investors and players.
The team is also looking forward to launching the "Sponge Racer" game, which will be available in both free and paid versions.
You can also stake and bridge your $SPONGE tokens to earn $SPONGEV2, with an annualized yield of 237%. Currently, more than 6 billion $SPONGE tokens have been staked and bridged.
YouTuber Alessandro De Crypto is optimistic about the project’s growth. He has invested in it himself and believes that Sponge V2 has the potential to replicate the success of its predecessor.
To join, visit the official Sponge V2 website and link your digital wallet with Ethereum or USDT, which will be exchanged for V2 tokens. You can also purchase directly with a bank card.
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