The Bonk price has dived by 11% in the past 24 hours, with the coin’s drop to $0.00001918 also representing a 33% decline from its record high of $0.00003416.
BONK set this ATH on Friday, meaning that it potentially retains some of the wider momentum that carried it to this peak, even if it seems that traders are taking profits at the moment.
However, its status as a meme token means that a return to growth is never as assured as it is with an alt that possesses strong fundamentals, so BONK could languish for a while yet before whales pick it up again.
Bonk Price Prediction as BONK Falls 33% From Peak – Time to Sell?
It’s possible that BONK could suffer a sustained loss before it begins growing again, given that its indicators are firmly in overbought territory.
Its RSI (purple) is falling steeply, having risen close to 90 in the past couple of weeks, a level which ordinarily indicates overbuying.
Source: TradingView
As for its 30-day average (yellow), it has been rising strongly for the past couple of weeks now, yet is now high enough in relation to the 200-day average (blue) that it may begin to flatten out and drop in the next few days.
BONK’s near future all depends on whether its support level (green) can prevent a sharp fall back to the levels it recorded at the end of November.
If it can prevent a drop below, say, $0.000010, then it should recover more quickly, although a drop below this level may indicate that traders have already abandoned the token.
Solana Saga Sold For 10x the Price on eBay Amid BONK Craze.
Solana Saga, a phone linked to the cryptocurrency BONK, is in high demand. Despite initial struggles in sales, it sold out globally as people discovered it came with 30 million BONK tokens.
Now, due to the popularity…
— Anthony Esch (@AnthonyEsch) December 18, 2023
A big part of the reason for BONK’s rallying over the past couple of weeks is that a recently released smartphone, Solana Saga, provided owners with free airdropped BONK tokens.
This airdrop helped create a rush for the meme token, which has also seen use as a payment currency within the Solana DeFi ecosystem.
The question is therefore whether BONK can sustain interest beyond the Solana Saga airdrop, with the possibility remaining that it may continue to wane in the next few weeks.
Still, the market is expecting a bull rally soon enough, driven by Bitcoin ETF approvals and a dovish Fed, so the Bonk price may continue to rise along with that.
It could reach $0.000040 by the end of January.
New Meme Tokens for New Market-Beating Rallies
Because BONK could be potentially in the middle of a longer term decline, many traders may prefer to consider newer meme tokens, especially those which are still looking forward to their initial growth spurts.
A very good example of such a coin is Meme Kombat (MK), an ERC-20 cryptocurrency that has raised more than $3.7 million in its increasingly popular presale.
We’re closing in on $4 million raised
Already passed $3.7 million! $MK pic.twitter.com/qRZbWYwfaK
— Meme Kombat (@Meme_Kombat) December 18, 2023
What sets Meme Kombat apart from most other meme tokens is that it offers some real utility, with its platform enabling users to bet on AI-generated meme battles.
Such battles have randomized outcomes, with results processed on-chain, ensuring 100% transparency and fairness.
In addition, Meme Kombat will visualize the battles in real-time for users to watch, providing an entertaining backdrop for their bets.
They can bet against each other or against the platform itself, with Meme Kombat paying out winnings in the form of MK tokens.
It gets better, because MK holders can also stake the token for a passive income, with the coin having a max supply of 120 million.
The sale is aiming to raise $5 million, with investors able to join by visiting the Meme Kombat official website.
1 MK token currently costs $0.246, although this will rise to $0.257 in just under week.
Yet given just how popular Meme Kombat has become, its price is li
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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