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The Bonk price fell more than 3% over the past 24 hours to trade at $0.00001414 as of 8:40 am EST as investors reduce their exposure to the struggling meme coin.
Multiple Technical Obstacles Restricting The Bonk Price
4-hour chart for BONK/USDT (Source: TradingView)
The Bonk price has been trading in a consolidation channel over the past couple of days, and is currently looking to retest the middle level of this zone at $0.0000128480. There is also a negative trend line that has formed on BONK’s 4-hour chart after the meme coin recently printed 2 lower highs.
The Bonk price is currently trading at the middle level of the Bollinger Bands (BBANDS) indicator as well. This has been an area of resistance for the crypto, and may continue to hold the altcoin’s price down in the upcoming days. Should sellers exert pressure on the Bonk price in the next 48 hours, it may drop below the $0.0000128480 mark.
This level coincides with the lower boundary of the BBANDS indicator. As a result, a break below this point may expose the Bonk price to the risk of falling towards the next major support level at $0.0000088550 in the short term.
Still A Chance For The Bonk Price To Enter A Strong Bullish Move
This bearish thesis may be invalidated if the BONK price is able to close 3 consecutive 4-hour candles above the middle level of the BBANDS indicator i the, which is situated at $0.0000142776, in the next 48 hours. In this alternative scenario, BONK may look to overcome the negative trend line on its chart, which is confluent with the upper boundary of the BBANDS indicator.
Therefore, a break above these thresholds may lead to a strong bullish move in the following few days. With enough support from bulls, the BONK price may attempt to overcome the $0.0000192765 resistance level. A 4-hour candle close above this barrier could then give the Bonk price the foundation needed to potentially rise to as high as $0.0000290295.
Traders and investors will want to keep an eye on the Relative Strength Index (RSI) indicator on BONK’s 4-hour chart. The RSI line is currently closing in on its Simple Moving Average (SMA) line. Although bears currently have a slight advantage over bulls, an intersection between these two lines will signal a major bullish shift in trading power.
The Bonk price may be dropping as a result of investors migrating to Sponge V2 because of its potential to generate 100x returns.
A Second Chance At Substantial Gains
🚀 Sponge V1 was a huge hit, and V2 is set to soar even higher!
Stake $SPONGE now to absorb the damp.
Missed V1? Don't miss V2! 🔥🧽#SpongeV2 #Crypto #Alts pic.twitter.com/snPjpOOFh6
— $SPONGE (@spongeoneth) January 15, 2024
Sponge V2 is a promising meme coin that looks to build off of the successes of its predecessor, Sponge V1. Sponge V1 experienced an extraordinary journey that started in May last year, shortly after it launched on Uniswap.
In only its first week, the meme coin surged 340%, and went on to reach a peak market cap of $100 million.
Despite dropping slightly over the last 24 hours, Sponge V1 is still up more than 80% on the monthly time frame, according to data from CoinGecko.
This gives Sponge V2 a strong foundation to launch from, as investors look to stake their V1 tokens in exchange for V2 tokens. And it’s now up 1,017% in a year.
The nearly 100% increase seen in Sponge V1’s price over the past fortnight could be a sign of renewed investor interest in the project, which is mainly driven by its upcoming V2 release.
Investors looking to get in on Sponge V2 will need to purchase and stake Sponge V1 on the project’s website. Investors who currently hold V1 tokens will just need to stake their holdings.
🛡️💼 Existing $SPONGE holders, it's time to secure your share in the V2 launch!
Stake your $SPONGE now and be part of the exciting new journey.
Don't miss out! 🤯#CryptoStaking #MemeCoin #Alts pic.twitter.com/pTx2ytCUzy
— $SPONGE (@spongeoneth) January 14, 2024
The uptick in Sponge V1’s price on the medium-term time frame could be the result of investors purchasing the meme coin as they rush to get involved in Sponge V2. Given that Sponge V1 holders only need to stake their tokens to earn V2 tokens, the increased buying activity could be a strong sign of new investors entering the ecosystem.
Bringing Utility Into The Mix
To ensure Sponge V2’s success following its launch, the development team will introduce a higher degree of utility to Sponge V2 than it did in Sponge V1. The team plans on rolling out this utility in three stages. The first stage will focus on the launch of the project’s staking program, buy-to-stake bonuses, and will kick off Sponge V2’s game research.
After this, the team’s focus will shift to V2 claims, game development, and the team’s mission to reach 10,000 holders. Lastly, the Sponge V2 team will set its sights on securing major exchange listings. The team will also unveil its Play-To-Earn racer game during this stage.
Sponge V2 can be purchased here.
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