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. Before the mud settled, Optimism airdrop got here with a thud! The 12 months couldn’t finish in a greater method 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 area. Launched on December 25, 2022, BONK has been a sensation, leaping by 4 digits share 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 former is predicated on the Solana community.
Nonetheless, if historical past is certainly a great trainer, then we must always study that the positive factors might not final without end. We have 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 no 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 might 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. Buy-side volumes have improved barely on the assist, however not enough to spice up BONK’s price.
BONK price prediction
As the hype across the BONK launch dies, the price might proceed falling. Investors might have a look at BONK as an overvalued asset. Profit-taking and panic promoting might also be at play and drive a bearish breakout.
