BONK woofs its way onto Coinbase – Here’s what you need to know

Journalist

Posted: December 14, 2023

• Coinbase has introduced plans to listing BONK.
• Bearish sentiment ravages the spot market as demand for BONK declines.

Following its inclusion on KuCoin on the finish of November, main cryptocurrency alternate Coinbase has introduced plans to listing dog-themed token BONK on its platform. 

BONK’s worth surged to an all-time excessive of $0.000014 shortly after it was listed for buying and selling on KuCoin. As a result of “Coinbase impact,” many token holders count on one other rally interval following BONK’s eventual itemizing on the alternate. 

What do you have to count on within the meantime?

Though nonetheless up by 22% within the final week, BONK has declined by 30% from its all-time excessive recorded on ninth December.

At press time, the altcoin exchanged palms at $0.000009829, information from CoinMarketCap confirmed. Regardless of the information of Coinbase’s determination to listing the altcoin, its worth plummeted by 24% within the final 24 hours. 

Supply: CoinMarketCap

Whereas accumulation endured amongst spot market individuals, there was a big decline in demand for BONK within the final 12 hours. Readings from the token’s momentum indicators noticed on a 12-hour chart revealed this.

At press time, BONK’s Relative Energy Index (RSI) and Cash Circulation Index (MFI) trended downward, poised to breach their respective heart strains. This confirmed that promoting strain was beginning to outpace BONK accumulation.

Furthermore, signaling a decline in liquidity influx into the BONK market, its Chaikin Cash Circulation (CMF) was 0.02 and about to cross over into the destructive territory at press time. 

When an asset’s CMF worth is 0.02 and trending downward, it signifies that there’s an outflow of cash from the asset. This can be a signal that the constructive sentiment trailing the asset is dropping momentum, and its worth is more likely to expertise an additional decline.

The token’s Transferring Common Convergence/Divergence (MACD) indicator returned a purple histogram bar for the primary time because the month started, confirming the rise in bearish sentiments.

Lifelike or not, right here’s BONK’s market cap in BTC phrases

AMBCrypto discovered that the MACD line crossed beneath the development line on 12 December. At any time when this occurs, it means that the upward momentum has weakened, and a downward development could begin.

Many traders think about it an excellent time to contemplate promoting or shorting the asset, therefore the value decline. 

Supply: BONK/USDT on TradingView