Bitboy Token Prediction: Ben Price To Retrace After 1000% Rise, Whilst AiDoge and $SPONGE Pump
The newly launched governance token, $BEN is a meme coin project designed for BitBboy’s Decentralized Autonomous community, Ben DAO.
The token’s performance in the past two days before its public announcement represents prevalent price volatility in the coming days.
Notably, the general meme coin frenzy in the crypto space due to the successes of AiDoge and SPONGE contributed to the spike of the BEN token. But its emergences have evoked mixed reactions.
While some investors think it belongs to the controversial crypto influencer, Ben Armstrong, others frown at the fact that $BEN was live for 2 days before its public announcement.
While there are several bullish sentiments for BEN, there are still queries concerning the project's next move.
According to the top crypto influencer with over 369K followers on Twitter, RookieXBT, $BEN could be a risky investment option due to the SEC's attention directed at Ben Armstrong.
If this happens, there could be a whooping fall for the asset.
As of May 8, 2023, $BEN traded at $0.000000009416, and by May 9, it increased by 13% to $0.00000004016.
Today, May 10, 2023, $BEN traded at $0.0000001241 in the last 13 hours. It has reached $0.0000001306 as it trades sideways.
$BEN is in its retracement stage, making a short-term bearish movement against its bullish trend.
The coin’s chart shows $BEN is trading above its 50-Day Simple Moving Average (SMA), a strong bullish sentiment.
Furthermore, $BEN’s Relative Strength Index (RSI) is at 47.34, at the time of writing, with an upward movement which means the market will likely approach the overbought region above 70 soon.
The coin’s Moving Average Convergence/Divergence (MACD) is below the signal line, confirming the upcoming bearish movement of $BEN
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