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After a 9% Drop in 24 Hours, What Will the Price of Bonk Be? — What's Happening?
The price of Bonk has dropped by 9% today, reaching $0.00001162; this comes at a time when the cryptocurrency market has dropped by 1% over the course of the last twenty-four hours.
The dip that occurred today looks to put to a stop a period of time that was reasonably beneficial for the meme currency, which has suffered a loss of 13% over the course of the last seven days.
It would seem that it has decreased as a consequence of traders taking profits in response to its recent gains; yet, the token has still increased by 17% in the last two weeks and by 7.5% in the course of the past thirty days.
As a result of the fact that some whales are still hanging onto their quantities of BONK, it is possible that the meme currency may have a speedy rebound in the weeks to come.
As is the case with a significant portion of the market at the present, BONK has seen a significant loss of momentum over the course of the previous few days, as shown by its indicators.
This morning, its relative strength index (RSI) has dropped below 50, and it seems that it may continue to decline for some time to come, which will bring the price of the currency down along with it.
In a similar vein, the 30-day average of BONK (yellow) is having a difficult time regaining momentum. Considering that the price of BONK has already dropped below the 30-day average, it is probable that the 30-day average will continue to decrease.
This indicates that BONK is starting a corrective phase, and it is probable that traders will take more gains and limit further losses throughout the course of this week's reset.
As is the case with a great number of other cryptocurrencies at the moment, the price of BONK is set to test its support level, which is represented by the color green. A drop below the support level is expected to result in significant price decreases.
Even if it has increased somewhat over the course of this month, the 24-hour trading volume of BONK continues to be unhealthily low. This is a particularly troubling aspect of the cryptocurrency.
Currently, it is estimated to be at $85 million, which is a decrease from $1.6 billion in December.
To put it another way, BONK is experiencing some extremely low liquidity, which makes it more susceptible to rapid decreases in price.
This provides an explanation for why it has declined more than the average of the market today, with a few bigger holders presumably being the ones responsible for the loss.
On the other hand, not every single BONK whale has sold their currency; there is still a person who has 314.8 billion BONK who is sitting on their prize.
Considering that the market is anticipated to climb overall as we get closer to the second Bitcoin halving, BONK may be able to rally once again in the not too distant future. This would indicate that the anticipation of future gains is there.
#BONK #TrendingTopic #Write2Earn
The dip that occurred today looks to put to a stop a period of time that was reasonably beneficial for the meme currency, which has suffered a loss of 13% over the course of the last seven days.
It would seem that it has decreased as a consequence of traders taking profits in response to its recent gains; yet, the token has still increased by 17% in the last two weeks and by 7.5% in the course of the past thirty days.
As a result of the fact that some whales are still hanging onto their quantities of BONK, it is possible that the meme currency may have a speedy rebound in the weeks to come.
As is the case with a significant portion of the market at the present, BONK has seen a significant loss of momentum over the course of the previous few days, as shown by its indicators.
This morning, its relative strength index (RSI) has dropped below 50, and it seems that it may continue to decline for some time to come, which will bring the price of the currency down along with it.
In a similar vein, the 30-day average of BONK (yellow) is having a difficult time regaining momentum. Considering that the price of BONK has already dropped below the 30-day average, it is probable that the 30-day average will continue to decrease.
This indicates that BONK is starting a corrective phase, and it is probable that traders will take more gains and limit further losses throughout the course of this week's reset.
As is the case with a great number of other cryptocurrencies at the moment, the price of BONK is set to test its support level, which is represented by the color green. A drop below the support level is expected to result in significant price decreases.
Even if it has increased somewhat over the course of this month, the 24-hour trading volume of BONK continues to be unhealthily low. This is a particularly troubling aspect of the cryptocurrency.
Currently, it is estimated to be at $85 million, which is a decrease from $1.6 billion in December.
To put it another way, BONK is experiencing some extremely low liquidity, which makes it more susceptible to rapid decreases in price.
This provides an explanation for why it has declined more than the average of the market today, with a few bigger holders presumably being the ones responsible for the loss.
On the other hand, not every single BONK whale has sold their currency; there is still a person who has 314.8 billion BONK who is sitting on their prize.
Considering that the market is anticipated to climb overall as we get closer to the second Bitcoin halving, BONK may be able to rally once again in the not too distant future. This would indicate that the anticipation of future gains is there.
#BONK #TrendingTopic #Write2Earn
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