Bonk Price Faces Significant Decline, Leading Meme Coins Downward
In the past day, the BONK price has experienced a notable 10.43% decline, contributing to an overall 9.6% drop in the meme coin sector.
Technical indicators suggest the possibility of further decreases.
This downturn has largely reversed BONK’s gains since last Thursday, leaving it with only a modest 0.47% increase. While noteworthy, this decline is less severe compared to major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), which have also retraced.
Despite a 31.52% drop this month, BONK still shows an impressive annual return of 6,276.37%, surpassing other leading cryptocurrencies.
Additionally, BONK’s trading volume decreased by 4.10% to $278.87 million in the last 24 hours, signaling reduced trading activity.
Bonk Price Bounces From Support – Future Outlook
Following significant losses earlier today, Bonk appears poised for further decline.
Notably, BONK’s price seems to have stabilized after rebounding from the $0.00002161 support level (grey). This suggests some stability, although other indicators hint at potential temporary relief.
The relative strength index (RSI), for instance, has settled around 45, up from 15 just 12 hours ago, indicating a shift from oversold to a more neutral state. Despite this, an RSI of 45 still leans towards bearishness.
The 30-day moving average (30DMA) shows a steep decline and has recently crossed below the 200-day moving average (200DMA), which remains neutral. This suggests strong bearish momentum in the short term and a potential shift from a neutral to negative longer-term trend. Hence, caution is advised as further declines could be expected.
A New Low Cap Gem to Watch
With BONK already holding a substantial market cap of $1.50 billion, its greatest gains may already be behind it.
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The post BONK Price Plummets 10% as $300M Volume Drives Prices Lower – What’s Next? appeared first on Cryptonews.
