The Bonk price plunged 8% in the last 24 hours to trade at $0.00001097 as of 5 a.m. EST on trading volume that plummeted 12% to $80.78 million.
The price drop has effectively nullified the increase seen in the last five days. During this bullish period, the token reached a major resistance at $0.0000125 but fell back to where it started a week ago after being rejected.
Bonk Price Prognosis
On the technical side of things, Bonk is giving extremely strong signals of an upcoming bullish movement. Numerous traders believe that the token has entered a consolidation phase which is simply acting as an accumulation period before a new move to the upside.
If Bonk finds itself in a bullish scenario, it could escape the sideways channel, and skyrocket to $0.00001927 in days to come.
For now, one clearly bullish signal that the token is giving off is the sharp widening of Bollinger bands, with the upper band being at $0.00001197 and the lower one currently at $0.00001072.
With the price rapidly approaching the lower band, this can suggest several things, including the fact that the asset is oversold, that it is reaching a strong support level, or that a trend reversal might be coming.
Another thing to note is that the token’s Relative Strength Index (RSI) level is extremely low, sitting at 28.02 at the time of writing. As such, the RSI score has ventured deep into the oversold zone. When this happens, traders typically treat it as a signal to move in and buy the token while its price is low.
In doing so, they kick off the new bullish trend, and the price eventually rises, which is what is likely to happen with BONK in the near future.
The token has several minor resistances to breach, but the first real challenge sits at $0.0000120, and $0.0000125 after that. If BONK manages to breach these levels, it will have a real shot at returning to its monthly high of $0.0000172.
Alternatively, if its price continues to drop, BONK will likely find its strongest resistance at $0.0000100.
Promising Alternative to Bonk
While the BONK price might soon see a recovery and buying it now might be a great opportunity, many in the meme coin community are pursuing a different project — Sponge V2 (SPONGE).
The project is the new version of Sponge (SPONGE), a project that launched in 2023 and then did a 100x surge.
When life gives you water, grab a $SPONGE!
— $SPONGE (@spongeoneth) January 30, 2024
Now, the project is offering those who missed that surge a chance to join Sponge V2, and potentially see the same, or even better rewards.
It even allows Sponve V1 holders to bridge their holdings to V2, and stake the tokens to earn Sponge V2 rewards.
So far, the amount of SPONGE staked has reached $3.78 million. On top of that, users can also purchase SPONGE via ETH, USDT, or their credit or debit card, stake the tokens, and start earning rewards.
Sponge V2 claims to be bigger and better than the original version, and as such, it provides a great opportunity for those looking for a good way to benefit from the meme coin sector.
It should be noted that Sponge V2 has no association with Nickelodeon and their creation, SpongeBob SquarePants.
The developers said that they were simply inspired by the popular meme and they wanted to immortalize it through a token that will be beneficial for the community.
Visit and buy Sponge V2 here.
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