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Bonk price has risen 25% in the last 24 hours to $0.00001267 as of 12:20 AM ET, as trading volume fell 15%.
This is not surprising, considering that weekends are characterized by lower trading volumes as retail takes a backseat. Volatility increases due to low trading volume, and a single transaction is more likely to be meaningful in the market.
Meanwhile, capital inflows into the BONK market are flowing into BabyBonk, which is also pumping and has hit the 1-hour zone.
Look like that #Baby Bonk It explodes in 1 hour. Don’t sleep on your son. #bonk pic.twitter.com/p5EeyHnTFs
— King Lefko (@kinglefko) December 9, 2023
However, according to one top analyst, the price of BONK, which has surged 1000% in the past month, is about to collapse. An analyst who goes by the pseudonym Altcoin Sherpa says Bonk (BONK) could see a huge decline after rising a little more.
$BONK: This continues to accelerate until some sort of explosion occurs. I entered a few days ago and it is still operating; I took half of yesterday off and will continue to benefit from it during this ride.
Make no mistake. This will eventually be much lower. but… pic.twitter.com/btf0aRfo2w
— Altcoin Sherpa (@AltcoinSherpa) December 8, 2023
However, an analysis by altcoin Sherpa said that selling BONK is like “going forward on a bullet train,” adding that it is not a good idea to use leverage to trade Solana-based meme coins.
– Do not short this type of coin yet. It’s like stepping in front of a fast-moving train.
-The volatility is crazy. Don’t let leverage upset you.
– Always prepare a moon bag if you are currently taking a buy position at low levels. You can still go to much higher levels though.
— Altcoin Sherpa (@AltcoinSherpa) December 8, 2023
Bonk price outlook as BONK buyer momentum fades
Measured over a market range of $0.0000002017 to $0.0000134863, Bonk price faced rejection at the 100% Fibonacci level, which coincided with the highest range of $0.0000134224.
However, looking at the relative strength index (RSI), BONK is significantly overbought at $87 and momentum is falling. This explains the ongoing decline southward in the RSI to show that momentum is falling.
Increasing selling pressure could push Bonk price lower to test the 70.5% Fibonacci level of $0.0000095673. Moving lower, the price may find support at the most important Fibonacci level of 61.8%, $0.0000084116.
In very desperate cases, a slump can be assumed to cause Bonk price to test the 50% Fibonacci level at $0.0000068440.
On the other hand, bonk prices could expand northward as more buyers come on the scene. This appears to be taking into account that the RSI remains in a northerly direction, indicating upward buyer momentum.
The histogram bar of the Awesome Oscillator (AO) indicator also remains green in the positive zone, supporting the outlook. This adds credence to the optimistic argument.
Therefore, increased buying pressure could lead to Bonk price extending northward and clearing the high range of $0.0000134224 to hit another local high.
How to Stay Profitable When Bonk Price is Trading in Overbought Zone
To remain profitable, traders who have taken a long position on the Bonk price and still hold such a position should hold that position until the RSI breaks south. Meanwhile, a northward direction suggests that upside potential is still alive as buyer momentum is still increasing.
On the other hand, late investors or side traders who want to jump on the train should probably consider waiting it out. Ultimately, traders are encouraged to do their own research.
Meanwhile, TGC is another worthy contender, especially if you missed the Bonk rally. Although this is a young project that is still in the pre-sale stage, it is a very strong competitor in the Telegram casino segment.
A promising alternative to BONK
TGC, the native cryptocurrency of the TG.Casino ecosystem, is the most promising alternative to BONK. Gambling enthusiasts should hurry to the TGC market as the token provides entry into an exclusive venue for online anonymous cryptocurrency gambling.
TGC tokens are being sold for just $0.18 on the TG.Casino website. However, this price tag is expected to increase in the next two days. Take advantage of your window of opportunity.
that much $TGC Pre-sale price increased to $0.18 per token!
Raise your hand for everyone who wants to see their token value go up📈 pic.twitter.com/7PWjtqCV0o
— TG Casino (@TGCasino_) December 7, 2023
Pre-sale sales topped $3.7 million, rocketing toward the $5 million goal.
that much $TGC The pre-sale journey continues, inching closer to our fundraising goal of $5 million. Act now and be part of something exciting: https://t.co/20PB5qO2Ku
— TG Casino (@TGCasino_) December 8, 2023
Once you become a token holder, you don’t have to wait for the pre-sale to end. This is thanks to the staking dashboard being activated in early November.
This equity income project offers annual percentage returns (APY) of up to 168%, making it an opportunity to grow your passive income.
There are also referral and savings features, giving you the opportunity to earn more. Share your project with your friends using a unique referral link that gives you a 10% commission for all invited players.
💰 Recommend and earn! 💰
I love you https://t.co/1CivTnIx4Z? Share with your friends using your unique referral link that gives you a 10% commission for all invited players!
Spread the word via DMs, WhatsApp, Twitter, whatever, and watch your earnings grow! 🚀
Go get it players! pic.twitter.com/m4IYj8rIY5
— TG Casino (@TGCasino_) December 7, 2023
You will also receive a 25% cashback on all losses when betting on TGC tokens. Don’t miss out on the many opportunities to increase your income. Visit the TG.Casino website and purchase TGC in the pre-sale here.
Also read:
A new cryptocurrency mining platform – Bitcoin Minetrix
- Thanks to Coinsult
- Decentralized, secure cloud mining
- Get free Bitcoin every day
- Native token currently in pre-sale – BTCMTX
- Staking Rewards – APY 100% or more
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