BONK price action spells trouble after becoming an overnight crypto sensation

  • Bonk token launched on December 25, 2022

  • The cryptocurrency rose by four-digit percentages after the launch

  • BONK price has cooled and trades on a descent and will declare decrease ranges

Crypto has all the time handled its followers with twists, turns, and surprises. The crypto neighborhood loves it this fashion, for it turns into a time to make fast bucks as the remainder of the market sleeps. In 2022, we have been handled to a wild launch of the ApeCoin. Earlier than the mud settled, Optimism airdrop got here with a thud! The yr couldn’t finish in a greater means for crypto followers than it did with the Bonk token (BONK/USD).

If you’re a fan of meme tokens, then BONK doesn’t miss your watchlist after a heroic entry into the crypto house. Launched on December 25, 2022, BONK has been a sensation, leaping by 4 digits proportion in price. The token additionally dominated social buying and selling platforms. Analysts credited the recognition of the newly dog-themed token to the Solana neighborhood. The previous relies on the Solana community.

Nonetheless, if historical past is certainly an excellent trainer, then we must always study that the positive aspects could not final without end. We’ve got seen extremely hyped launches boosting token costs, just for them to crash thereafter. BONK is probably not an exception. As of press time, the meme cryptocurrency had misplaced not less than 50% of its worth from its all-time excessive. Typical of the phrase, when you didn’t board early, don’t do it now. Technical pointers present BONK may fall additional.

BONK on a decline as price finds minor assist

BONK/USDT Chart by TradingView

From the 4-hour chart outlook, BONK trades nervously at a assist zone. The highs to the upside have been decrease, coinciding with a declining price. Purchase-side volumes have improved barely on the assist, however not adequate to spice up BONK’s price.

BONK price prediction

Because the hype across the BONK launch dies, the price may proceed falling. Traders could have a look at BONK as an overvalued asset. Revenue-taking and panic promoting might also be at play and power a bearish breakout. 

The place to purchase BONK

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