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The Bonk price is the biggest loser this week among the crypto top 100, plummeting 27% to trade for $0.0000107 as of 1:00 a.m. EST time.
Over the last 24 hours, the price has dropped 8% with trading volume dwindling 5%. The slump also comes amid the waning of SOL meme coin mania, with Solana price dropping 7% to become the biggest loser among the crypto top 10, followed by Avalanche (AVAX).
BONK is also the biggest loser among the top five meme coins.
The plunge saw Bonk price lose the most critical support at $0.0000138, marked by the 38.2% Fibonacci level.
BONK Price Outlook Amid Dissipating Meme Coin Euphoria
Bonk price remains on a downtrend, consolidating within the confines of a descending parallel channel. As long as the Solana-based meme coin remains within this technical formation, BONK holders are bound to incur more losses.
Unfortunately, the Relative Strength Index (RSI), which shows momentum, is also falling, to show buying pressure continues to dwindle. This favors the downside. The Awesome Oscillator (AO) indicator is also in the negative territory, suggesting the bears have established a strong presence in the Bonk market, accentuated by the red histogram bars.
Increased seller momentum could see the Bonk price extend the fall to lose the support due to the 23.6% Fibonacci level at $0.0000088. In the dire case, the slump could extend for the Bonk price to tag the floor of the market range at $0.0000007. Such a move would constitute a 92% drop below current levels.
Converse Case
On the flipside, the Average Directional Index (ADX) indicator, which quantifies trend strength, is falling, suggesting that the strength of the downtrend is weakening. This means that the BONK price downtrend could soon bottom out, leading to a possible consolidation or bounce.
If buying pressure increases, the Bonk price could rise, restoring above the $38.2% Fibonacci level. For the bearish thesis to be invalidated, however, BONK price must retrace the 50% and 61.8% Fibonacci levels at $0.0000179 and $0.0000220 Fibonacci levels respectively, to fill the market range at $0.0000278.
The above would mark a full-swing recovery rally, but for an uptrend, Bonk price must record a higher high above the December 15 range high of $0.0000350.
Meanwhile, while meme coins lose some momentum, there is one sector player, MK, which continues to shine, hurtling past the $6.1 million mark in presale sales. It ranks among analysts’ top picks for the best meme coins to buy in 2024 with potential for exponential growth.
Promising Alternative To Bonk
MK is the native crypto for the Meme Kombat project, an innovative new gaming platform designed for gaming enthusiasts. The project is in the presale stage, boasting an outstanding $6.132 million raised as it draws near to its $6.5 million target.
Along with the support seen in the presale collections, which is also a show of belief in the project, the social media group is also growing, with Telegram alone recording upwards of 7,000 members while X has accumulated 14.5K.
The Meme Kombat Telegram Group is now 7000 meme-bers strong💪
With that said, please make sure you stay safe. There is only one official group⚔️ pic.twitter.com/IetN6JxKRs
— Meme Kombat (@Meme_Kombat) January 5, 2024
Investors looking to buy MK can do so on the official website, where each Meme Kombat token is selling for $0.279. Do not miss this investment as the presale edges closer to the end. Remember, Meme Kombat is a project that has the potential to stand alongside meme coin titans including Shiba Inu (SHIB), Pepe (PEPE), and Dogecoin (DOGE), that have taken the meme coin world by storm.
Watch $MK climb to unprecedented levels, shaking up the #memecoin scene. Don’t miss out—buy into the presale: https://t.co/2x2FvsuR61
— Meme Kombat (@Meme_Kombat) January 5, 2024
Token holders can also take advantage of the staking function, with the dashboard already live. Stakers are already enjoying annual percentage yields as high as 154%, with 78% of the entire MK token bucket already staked.
📣 Major Update 📣
The Meme Kombat Staking Dashboard is officially live and ready to be used by you!
Take a break from Kombat and visit the staking dashboard here: https://t.co/nNFEYESjPs pic.twitter.com/yswl0esb4G
— Meme Kombat (@Meme_Kombat) November 9, 2023
Do not wait for battles, begin earning APY on $MK tokens today by buying the presale.
Meanwhile, YouTube crypto analysts continue to call your attention to the ripening opportunity that is Meme Kombat. According to ClayBro, who boasts over 116k subscribers to his channel, this project has the potential to be the “biggest meme coin gaming token of 2024”.
Others have even listed MK among the best 5 coins to watch in 2024.
Visit Meme Kombat website to buy MK in the presale here.
Also Read:
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- Earn Free Bitcoin Daily
- Native Token On Presale Now – BTCMTX
- Staking Rewards – Over 100% APY
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