• BONK challenged Algorand and BSV in market cap.
• Regardless, the meme coin faced skepticism as sentiment took a downturn.

BONK [BONK], the meme coin that has been riding a rollercoaster in recent weeks, managed to defy expectations by surging in terms of market cap.

In the past 24 hours alone, BONK experienced an impressive price growth of 55.38% as well, underlining its volatile nature.

Looking at the price movement

Examining the specific price movements of BONK revealed a story of resilience. Breaking through the $0.00001788 resistance level, the meme coin nearly doubled in price on its journey to reach $0.00003423.

However, it faced resistance at the $0.00002596 level, which could potentially serve as a support level in the future, especially in the event of a price correction.

Technical indicators play a crucial role in understanding the potential impact on prices. The Relative Strength Index (RSI) was at 76.58, indicating that the coin may be in overbought territory.

While this could suggest a positive high momentum for the price, caution is warranted, as it also implies a potential correction.

In contrast, the Chaikin Money Flow (CMF) stood at 0.06 at press time, signaling weak buying pressure.

A low CMF could negatively impact the price, but strategic investors may interpret it as an opportunity to enter the market.

Go to Source to See Full Article
Author: Himalay Patel

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details