Bonk Price Prediction: Analyst Warns Of BONK Sell Signal As Investors Consider These New Meme Coin Rivals For Explosive Gains

BySteven Walgenbach

Updated: 12 December 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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The Bonk price climbed more than 5% over the past 24 hours to trade at $0.00001281 as of 8:30 a.m. EST as investors continue to bet big on the meme coin.

Analyst Warns That The Bonk Price Could Drop Soon

Flashback to just before $BONK's 8,422.58% bull run – the TD Sequential indicator had presented a buy signal on the weekly chart!

Now, the same indicator is showing a sell signal. This suggests #BONK might be heading into a correction period lasting one to four weeks. pic.twitter.com/qjEHO9ss0o

— Ali (@ali_charts) December 11, 2023

The cryptocurrency trader and analyst Ali Martinez warned his 35,100 followers that the Bonk price may undergo a steep correction.

In an X post, the analyst revealed that the cryptocurrency’s Tom DeMark (TD) Sequential Indicator is flashing a sell signal. This specific indicator had signaled a buy opportunity on the meme coin’s weekly chart before it launched its bull run in October.

Martinez said in his post that “this suggests BONK might be heading into a correction period lasting one to four weeks.”

The Bonk Price Has Entered Into A Consolidation Phase

Daily chart for BONK/USDT (Source: TradingView)

The Bonk price reached a high of $0.0000149068 on Dec. 9, but has not challenged this level since. In the days that followed, the meme coin’s price entered into a consolidation phase between $0.0000089940 and $0.0000149068.

Should this flat trading period continue, traders may soon decide to offload their holdings in the cryptocurrency.

If traders begin to sell, the Bonk price will likely retest the immediate support level at $0.0000089940. This is a significant price point as it is also confluent with a medium-term positive trend line that has formed on BONK’s daily chart throughout the past few weeks.

A break below this mark could therefore expose BONK to the risk of suffering a strong drop in price.

In this bearish scenario, the meme coin could fall all the way down to $0.0000046040 in the short term. This bearish thesis may be invalidated if the Bonk price closes a daily candle above $0.0000149068 within the next 72 hours.

Indicators Hint At A Pull Back

Traders and investors will want to keep an eye on the daily Moving Average Convergence Divergence (MACD) and the daily Relative Strength Index (RSI) indicators.

Both of these technical indicators suggested that the Bonk price may pull back in the coming couple of days.

Although the MACD line was positioned well above the MACD Signal line, the slope of the MACD Histogram is negative.

This may be an early sign of a bearish trend reversal. The RSI line was also looking to cross below the RSI Simple Moving Average (SMA) line.

An intersection between these two lines within the next 48 hours could signal a shift in power in favor of bears.

As the Bonk price consolidates, investors may want to take a look at Meme Kombat and Wall Street Memes as they show promising signs of becoming major players in the meme coin space.

Battle of the Memes

Just sliding past $2.8 million💪

Good start to the week! pic.twitter.com/1OJfgQzWxr

— Meme Kombat (@Meme_Kombat) December 11, 2023

Meme Kombat is an innovative gaming platform that includes multiple opportunities for token holders to earn rewards. Holders of the project’s native token, MK, will be able to place bets on regularly scheduled battles within the Meme Kombat ecosystem to potentially earn rewards.

There will also be more important battles that offer winning bets more lucrative rewards.

In addition to the chance to earn rewards from battles, Meme Kombat offers an attractive staking program for early-stage investors. During its presale phase, the project’s staking program is offering an annual percentage yield (APY) of 295%.

Offering Holders Access To An Exclusive Community

Wall Street Memes grants its token holders access to an exclusive community. Not only will token holders be a part of this community, they will also be able to earn rewards and bonuses in the Wall Street Memes Casino.

The Casino has recorded remarkable growth since its launch in October. From 18,100 player registrations within the first month following its inception, the casino saw more than 78,000 users transacting on the site in November.

Alongside this growth in players, the casino has also generated more than $1.5 million in gross revenue. This growth is likely to continue into the new year, which could send the Wall Street Memes’ native token skyrocketing in the coming months.