- Coinbase has introduced plans to checklist BONK.
- Bearish sentiment ravages the spot market as demand for BONK declines.
Following its inclusion on KuCoin on the finish of November, main cryptocurrency change Coinbase has introduced plans to checklist dog-themed token BONK on its platform.
BONK’s worth surged to an all-time excessive of $0.000014 shortly after it was listed for buying and selling on KuCoin. As a result of “Coinbase impact,” many token holders anticipate one other rally interval following BONK’s eventual itemizing on the change.
What do you have to anticipate within the meantime?
Though nonetheless up by 22% within the final week, BONK has declined by 30% from its all-time excessive recorded on ninth December.
At press time, the altcoin exchanged arms at $0.000009829, knowledge from CoinMarketCap confirmed. Regardless of the information of Coinbase’s choice to checklist the altcoin, its worth plummeted by 24% within the final 24 hours.
Whereas accumulation persevered amongst spot market individuals, there was a big decline in demand for BONK within the final 12 hours. Readings from the token’s momentum indicators noticed on a 12-hour chart revealed this.
At press time, BONK’s Relative Power Index (RSI) and Cash Circulation Index (MFI) trended downward, poised to breach their respective middle strains. This confirmed that promoting strain was beginning to outpace BONK accumulation.
Furthermore, signaling a decline in liquidity influx into the BONK market, its Chaikin Cash Circulation (CMF) was 0.02 and about to cross over into the unfavorable territory at press time.
When an asset’s CMF worth is 0.02 and trending downward, it signifies that there’s an outflow of cash from the asset. This can be a signal that the optimistic sentiment trailing the asset is shedding momentum, and its worth is prone to expertise an additional decline.
The token’s Transferring Common Convergence/Divergence (MACD) indicator returned a pink histogram bar for the primary time because the month started, confirming the rise in bearish sentiments.
Lifelike or not, right here’s BONK’s market cap in BTC phrases
AMBCrypto discovered that the MACD line crossed beneath the pattern line on 12 December. At any time when this occurs, it means that the upward momentum has weakened, and a downward pattern could begin.
Many buyers think about it a superb time to think about promoting or shorting the asset, therefore the value decline.