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Cryptocurrencies: 12,885
Markets: 942
Marketcap: $ 2.10 T(0.32%)
24h Vol: $ 59.98 B
BTC Dominance: 48.13%

BONK Token Surges After Coinbase Listing But Loses Momentum

BONK token, a popular meme coin, experienced a steep drop in price in recent days after surging over 26,000% following its listing on Coinbase in November 2021. The current drop appears to mark a loss of momentum for the token.

Key Highlights

  • BONK token lost over 20% of its price, falling below its 20-day moving average (20DMA) support level.
  • The crash follows a surge in November after BONK was listed on Coinbase, with gains of up to +26,675%.
  • The token is currently trading at $0.00001585, down 1.93% in the last 24 hours.
  • Price action is now seeking support levels below the 20DMA at around $0.0000155.
  • Losing the 20DMA as support could lead to further declines if bulls cannot stabilize the price.

Technical Indicators Signal Weakening Trend

Technical indicators point to weakening momentum for BONK:

  • The relative strength index (RSI) cooled to 52.48, indicating potential for upward movement.
  • The moving average convergence divergence (MACD) shows bearish divergence, a loss of upward price momentum.

Upside and Downside Potential

Based on technical analysis, BONK has a:

  • 15.4% potential upside to $0.000018278 above the 20DMA resistance level.
  • 28.34% potential downside to $0.00001135 support, implying a high-risk investment.
  • Risk/reward ratio of 0.54, also indicating high risk.

While BONK struggles, investors are pouring funds into Meme Kombat, a new meme coin presale that has raised over $4.65 million. Meme Kombat combines nostalgic gaming with DeFi and betting.

*The above constitutes non-investment advice. Cryptocurrency investing involves high risk of loss.

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