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The Bonk price plummeted more than 11% over the past 24 hours to trade at $0.00001488 as of 8:30 am EST as investors continue to exert selling pressure on the meme coin.
The Meme Coin Sector Sheds Some Of Its Market Cap
Top 5 meme coins (Source: CoinGecko)
BONK was not the only meme coin that recorded a 24-hour loss. The rest of the top five biggest meme coins in terms of market cap also saw their prices drop over the past day. BONK was the biggest loser in the top 5 list.
The Bonk Price Drop May Not Be Over Yet
4-hour chart for BONK/USDT (Source: TradingView)
A descending triangle has formed on BONK’s 4-hour chart, which suggests that the Bonk price may continue to drop in the next 24 hours. Should this bearish thesis play out, the meme coin’s price could soon retest the $0.0000128855 support, which is also the base of the triangle pattern.
A drop below this significant price point could then open up the risk of the Bonk price falling to the subsequent support at $0.0000089940 in the following couple of days. In an extremely bearish scenario, BONK could drop to as low as $0.0000059875 within the next week.
This bearish thesis may be invalidated if the Bonk price is able to close a 4-hour candle above the hypotenuse of the descending triangle. In this alternative scenario, the altcoin may attempt to challenge the $0.0000202880 resistance. If bulls are able to boost the altcoin’s value to above this point, it will have a path cleared for it to potentially continue rising to $0.0000334860.
BONK Has Entered Into A Short-Term Bear Cycle
Short-term technical indicators supported a bearish outlook. Both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators were flagging bearish. These two indicators suggest that the Bonk price may continue to fall in the next few days.
The MACD line recently crossed above the MACD Signal line. This triggered a major bearish technical flag that signals BONK has entered into a negative trend. In addition to this, the MACD line was breaking away below the MACD Signal line, suggesting that the bearish trend is growing stronger.
The RSI breaking away below its Simple Moving Average (SMA) signals that sellers are currently stronger than buyers and that their strength is increasing on BONK’s 4-hour chart. As a result, it will be easier for bears to pull the Bonk price down in the upcoming days than it will be for bulls to boost it.
As the meme coin sector bleeds, Sponge V2 is operating in a league of its own as investors rush to this new meme coin’s presale.
Investors Rushing To Get In On Sponge V2
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Sponge V2 is a promising project that looks to, at the very least, replicate the 100x performance of its predecessor, Sponge V1. The V1 version of the token saw its market cap reach a peak of $100 million, which also generated a whopping 100x gain for early-stage investors.
Now, Sponge V2 looks to build from this success and offer investors who missed the Sponge V1 investment opportunity a second chance at whopping gains. In order to do this, the project is introducing a Play-to-earn racer game and there’s word it has also lined up several listings on some of the biggest exchange platforms in the world.
To get a hold of Sponge V2 tokens, investors will need to either buy and stake Sponge V1 tokens here, or stake V1 tokens that they already own on the project’s website.
Sponge V2 has garnered considerable interest from investors. This is evident in the success of its presale, which is close to having $4 million worth of tokens staked.
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Not only can investors have the chance for 100x gains from Sponge V2, but by staking Sponge V1 tokens they can also receive a minimum Annual Percentage Yield (APY) of 40%. This offers a two-fold gain as rewards are paid out in Sponge V2.
Sponge V2 can be acquired here.
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