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Is Bonk Going to Zero? BONK Price Drops 6% as Attention Moves to Newer Meme Coin

The meme coin market is searching for the next viral success story as the Bonk price has plateaued following a 75x increase. Image by Kerem Goktug Kaya, DALL-E 3.

With the recent introduction of its ‘PooperScooper‘ feature to enhance user interaction and asset management, BONK is looking to turn around its stagnant price action and bring new users to its ecosystem. The initiative is part of a broader effort to carve out a space in the highly competitive meme coin market.

However, despite such efforts, BONK‘s price has now entered a consolidation phase after seeing a meteoric 7,538% price increase over three months fueled by the meme coin craze.

As Bonk takes a breather from its bull run and other meme coins like Shiba Inu (SHIB) have also seen their biggest gains behind them, meme coiners are turning their attention to emerging alternatives that could be the next viral hit. One project seeing major hype in the space is Meme Kombat, which ingeniously fuses meme coin culture and gaming.

In Meme Kombat’s Ethereum-powered battle arena, popular internet memes will come to life for users to wager and win prizes in $MK, the platform’s native token. Having raised over $6.9 million so far in its presale, Meme Kombat has demonstrated strong early traction.

BONK Price Dynamics: A Closer Look

Source: TradingView, BONKUSDT.

As of the latest data, BONK is trading at $0.0000138 with a market capitalization of $893.6 million. There’s been a 17% decrease in the 24-hour trading volume, totaling $159.4 million, and in the 24 hours, the BONK price has decreased by 2.66%.

Moving Averages and Indicators

The moving averages tell a nuanced story. The 20-day EMA is currently at $0.00001391, slightly above the 50-day EMA at $0.00001410 and the 100-day EMA at $0.00001419. This close proximity of EMAs suggests that the BONK price is in a tight consolidation zone, with the potential for a breakout in either direction. This indicates a high risk for traders taking positions currently.

The MACD (Moving Average Convergence Divergence) indicator is showing a negative trend, with today’s value at -0.00000163 compared to yesterday’s -0.00000173. The slight decrease in MACD might indicate a weakening of bullish momentum in the short term.

The RSI (Relative Strength Index), currently at 37.37, has decreased marginally from yesterday’s 37.85. This level is below the typical ‘overbought’ threshold, suggesting that BONK’s price isn’t facing immediate selling pressure, however.

Resistance and Support Levels

BONK has recently managed to bounce back from the support level at $0.00001345 but is struggling to break through the resistance near the 0.786 FIB level of $0.00001408. The coin is forming a symmetrical triangle pattern, indicating that a break below could lead to a downtrend price action, while a break above the resistance could signify further upside.

The resistance levels are marked by Golden FIB levels between $0.00001491 and $0.00001475. For support, the levels to watch are $0.00001345, followed by FIB level 1 at $0.00001303, and then $0.00001240.

Conversely, BONK has strong support levels at $0.00001345, with additional FIB support levels at $0.00001303 and $0.00001240, which could act as buffers against any major downward correction.

Price Action Prediction

Looking ahead, if BONK breaks above the symmetrical triangle and the golden FIB levels, the first target price is the Fibonacci level 0.5 at $0.00001549, followed by the FIB level 0 at $0.0000795.

Given the current market dynamics, however, traders should approach BONK with a balanced strategy, considering both the potential for growth and the risks involved. Traders might consider strategies that account for the symmetrical triangle pattern, setting stop-loss orders near key support levels. This approach could mitigate risks while taking advantage of the potential upside if BONK breaks above the resistance levels.

While the BONK price is continuing to consolidate after its parabolic 75x surge, the meme coin market is eagerly awaiting what could be the next best crypto presale – Meme Kombat.

Visit Meme Kombat Here

Meme Coins Fight it Out in the Battle Arena

Meme Kombat has captured investor attention with its approach to meme coin gambling. The project will bring popular internet memes to life in an Ethereum-based battle arena where users can wager the platform’s native MK token. Winners will earn prizes in MK, which can also be staked for up to 155% APY.

The Weekly Kombatant will be live in Discord on Wednesday

Come chat games, the P2E space and more importantly the future of Meme Kombathttps://t.co/9ZfngSSGUb pic.twitter.com/MWsbAGlNRC

— Meme Kombat (@Meme_Kombat) January 15, 2024

Led by founder Matt Whiteman, this clever fusion of gaming, memes, and decentralized finance has already attracted a dedicated community eager to start battling, with Meme Kombat’s presale raising over $6.9 million so far. The presale is now in its final stage ahead of the planned Uniswap listing, giving investors a closing window to get involved early.

MK’s crypto presale’s hard cap is standing at $8 million, with around 10% of tokens still available at the current presale price of $0.279. Considering MK was initially offered for $0.183, new buyers stand to gain 52% at the listing if the momentum continues.

Is Meme Kombat the Next Best Crypto?

Given the recent quiet period among leading meme coins like Dogecoin and Shiba Inu, the market appears to be ready for newer entrants to capitalize on investors’ revived appetite for speculating in this niche. Bonk has already shown it’s possible to deliver exponential growth in short order, with a market cap reaching into the billions at its height in 2023.

While ambitions to unseat established meme coins may be longer-term, Meme Kombat does seem to have what it takes to ride the prevailing hype. Its successes in presale and clear vision could provide the necessary spark for a memorable meme coin launch season.

For investors inclined toward measured risk-taking, Meme Kombat may warrant consideration as a new opportunity at the junction of blockchain gaming and meme coin hype. The project’s committed community and creative angle could set it apart.

Visit Meme Kombat Here

The post Is Bonk Going to Zero? BONK Price Drops 6% as Attention Moves to Newer Meme Coin appeared first on Cryptonews.

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