Bonk Price Prediction: Solana Meme Coin BONK Plunges After Binance Listing, Just Like Pepe Coin Did. Too Late To Buy BONK?

The BONK worth dropped greater than 6% over the previous 24 hours to commerce at $0.00000439 as of 8:42 am EST as merchants start to money in a few of their income from the altcoin’s robust surge all through the previous month.

BONK has been a sizzling matter out there after its capitalization soared greater than 1,800% previously 4 weeks. This has resulted within the meme coin considerably outshining the market chief, Bitcoin (BTC).

BONK Value At Danger Of Steep Value Drop

This optimistic momentum might, nonetheless, be coming to an finish. On Wednesday, Binance, the main cryptocurrency trade, listed perpetual contracts with 50X leverage linked to BONK.

Traditionally, the choice by an trade to record perpetual contracts tied to smaller-capped cryptocurrencies has led to robust worth drops.

These perpetual contracts are a kind of futures contract with no expiry date. This enables traders to take a position on the underlying asset’s worth whereas bypassing the bodily settlement of products concerned in commonplace futures contracts. Buyers additionally get to get pleasure from far higher leverage alternatives than commonplace contracts.

Probably the most noteworthy instance of the impact that perpetual contracts can have on the worth of a cryptocurrency is Pepe (PEPE). This meme coin emerged from nowhere and noticed its market cap surge from almost $0 to $1.5 billion.

Binance then listed perpetual futures tied to PEPE. The meme coin’s market cap peaked that day earlier than falling to as little as $380 million within the following month, in keeping with Coingecko data.

Each day chart for BONK/USDT (Supply: TradingView)

From a short-term technical perspective, the BONK worth has constantly printed increased lows over the previous weeks and will try to surpass the $0.0000055530 resistance stage.

If it breaks above this barrier, it might embark on a journey to set a brand new all-time excessive within the subsequent few days. Nevertheless, this bullish thesis could also be invalidated if BONK fails to shut a day by day candle above $0.0000055530 throughout the subsequent 72 hours.

The cryptocurrency’s worth may pull again to the important thing $0.0000029830 help stage on this extra bearish state of affairs. A wave of profit-taking exercise might then enter the cryptocurrency’s charts, which may push the BONK worth down considerably decrease.

This potential promote quantity may drag the altcoin’s worth right down to as little as $0.0000015730 within the quick time period.

A Shift in BONK’s Momentum

Technical indicators on BONK’s day by day chart recommended that consumers are beginning to exit BONK’s order ebook. Extra particularly, the Transferring Common Convergence Divergence (MACD) and Relative Energy Index (RSI) indicators signaled a bearish shift in BONK’s momentum that will happen quickly.

The day by day RSI line was positioned beneath the RSI Easy Transferring Common (SMA) line. Along with this, the RSI line was sloped negatively in the direction of oversold territory. This means that sellers have gained the higher hand towards bulls on BONK’s day by day chart. 

The MACD Histogram indicator’s flat gradient may additionally point out BONK’s optimistic momentum slowing down. This enables bears to step in and drive the BONK worth down within the subsequent couple of days.

Whereas BONK is vulnerable to a powerful pullback, Meme Kombat is a meme-based gaming platform on the verge of taking off. 

Bringing Some A lot-Wanted Utility to Meme Coin Market

Meme Kombat is an revolutionary gaming challenge that permits holders to wager on battles which are scheduled to happen inside its ecosystem. There may also be more-hyped battles on which traders can place bets and stand the possibility to win very profitable rewards.

Moreover the possibility to win huge, Meme Kombat’s staking program at the moment provides holders an annual share yield (APY) of greater than 470%. Anybody who purchases MK, the challenge’s native token, via its presale will robotically have their tokens staked for them.

Attracting Consideration Of Whales

This whale made positive they acquired into $MK at $0.205 🤩

24 hours to go earlier than we improve to $0.214 ⏰ pic.twitter.com/hh6XN0LoJ0

— Meme Kombat (@Meme_Kombat) November 22, 2023

Over the previous 24 hours, Meme Kombat noticed a whale purchase into its presale. In accordance with an X put up, this good cash investor purchased greater than $18,000 value of MK. Different traders have additionally rushed to scoop up this promising altcoin, as its presale has already raised over $2 million. 

Given the rising reputation of meme cash and the excessive ranges of utility on supply throughout the Meme Kombat ecosystem, MK’s worth is more likely to soar greater than 10X within the coming few months.

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