Bonk’s Rally Has Everyone Talking, But Traders Are Quietly Buying Into a Different Meme Coin
Sam is a financial journalist with a focus on cryptocurrency market news, based in London. With a Master’s Degree in Development Management from the London School of Economics, Sam’s passion for...
BONK price attempted a recovery move this week, but as the $0.000017+ surge crumbled into a seismic dump, traders quietly snapped up a rival meme coin.
In this article, we dive into BONK’s latest price action and uncover whether this under-the-radar meme coin could deliver the biggest gains of 2024.
Very clean chart on $BONK pic.twitter.com/hFwjtEs1IY
On the longer time frame (LTF), BONK has been consolidating at a key support level for an extended period, building anticipation for a potential breakout as liquidity and trading volume show signs of improvement.
As BONK price tumbles from its display of strength, BONK is currently trading at a market price of $0.000016 (representing a 24-hour change of -4.17%).
The downtick follows a sustained display of strength leading up to the weekend, which saw the BONK price push up +17% from bedrock support at the lower trendline.
However, overhead resistance from the 20DMA appears to be stifling upside movements, with an apparent rejection from the moving average explaining the current downtick.
This points to the possibility of further consolidation, particularly as the Bollinger Bands continue to expand. However, the strong support level at $0.000015 is expected to limit further downside risk.
Turning to a key technical indicator, the RSI currently signals oversold conditions, with bullish divergence suggesting that the market may not be done yet. A retest of the 20-day moving average resistance remains a potential scenario.
In summary, BONK seems to be in a holding pattern, much like the
Read more on cryptonews.com
