BONK price action spells trouble after becoming an overnight crypto sensation.

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  • Bonk token launched on December 25, 2022

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

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

Crypto has at all times handled its followers with twists, turns, and surprises. The crypto group 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 12 months couldn’t finish in a greater approach 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 worth. The token additionally dominated social buying and selling platforms. Analysts credited the recognition of the newly dog-themed token to the Solana group. The previous is predicated on the Solana community.

Nonetheless, if historical past is certainly instructor, then we should always be taught that the features could not final endlessly. We’ve got seen extremely hyped launches boosting token costs, just for them to crash thereafter. BONK will not be 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, should you didn’t board early, don’t do it now. Technical pointers present BONK might fall additional.

BONK on a decline as worth finds minor help

BONK/USDT Chart by TradingView

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

BONK worth prediction

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

The place to purchase BONK

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