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Bonk price is up 25% in the last 24 hours to trade for $0.00001267 as of 12:20 a.m. EST time as trading volume tumbled 15%.
This is unsurprising considering weekends are characterized by low trading volume as retail takes a back seat. With low trading volume, volatility increases, with a single trade likely to have significance in the market,
Meanwhile, capital inflow into the BONK market has spilled over to BabyBonk, which is also pumping, recording a break out on the 1-hour timeframe.
Looks like #BabyBonk is breaking out on that 1-hour. Don’t sleep on the son of #BONK pic.twitter.com/p5EeyHnTFs
— King Lefko (@kinglefko) December 9, 2023
According to one top analyst, however, there is an impending crash in BONK price following its 1000% surge in the past month. The analyst, going by the pseudonym Altcoin Sherpa, says that Bonk (BONK) could go on a massive decline after rising a bit more.
$BONK: this will continue to accelerate until some sort of blow off top. I entered a few days ago and it continues to run; I took half off yesterday and will continue to take profits during this ride.
Make no mistake, this is eventually coming way lower eventually. HOWEVER… pic.twitter.com/btf0aRfo2w
— Altcoin Sherpa (@AltcoinSherpa) December 8, 2023
But based on Altcoin Sherpa‘s analysis, shorting BONK would be like “stepping in front of a speeding train,” adding that using leverage to trade the Solana-based meme coin would be ill-advised.
-dont short this type of coin quite yet, it’s like stepping in front of a speeding train
-Volatility is fucking crazy, dont get rekt with leverage
-If you’re currently long from lower, always keep a moon bag bc this can still go much much higher
— Altcoin Sherpa (@AltcoinSherpa) December 8, 2023
Bonk Price Outlook As Buyer Momentum For BONK Fades
Measured from the $0.0000002017 to $0.0000134863 market range, Bonk price faced a rejection from the 100% Fibonacci level, which coincides with the range high at $0.0000134224.
However, momentum is falling as BONK is massively overbought at $87, judging from the reading of the Relative Strength Index (RSI). This explains the ongoing pullback with the RSI southbound to show momentum is falling.
Increased selling pressure could see the Bonk price drop to test the 70.5% Fibonacci level at $0.0000095673. Lower, the price could spiral to find support at the most important Fibonacci level, 61.8%, at $0.0000084116.
In a highly desperate case, the slump could extrapolate for Bonk price to test the 50% Fibonacci level at $0.0000068440.
On the flip side, if more buyers come to the scene, Bonk price could extend north. This is likely considering the RSI remains northbound, pointing to rising momentum by buyers.
The histogram bars of the Awesome Oscillator (AO) indicator also support the outlook, as they remain green in the positive territory. This adds credence to the bullish thesis.
Increased buy pressure, therefore, could see Bonk price extend north, clearing the range high at $0.0000134224 to record another local top.
How To Stay Profitable As Bonk Price Trades In The Overbought Territory
To stay profitable, traders who had taken long positions for Bonk price and still have these positions open should keep them open until such a time when the RSI deviates towards the south. Meanwhile, its northbound orientation suggests buyer momentum is still rising and therefore the upside potential remains alive.
On the other hand, late investors or sidelined traders looking to jump in on the train should probably consider waiting it out. Ultimately, traders are advised to conduct their own research.
Meanwhile, TGC is another worthy contender, especially if you missed out on the Bonk rally. It is a budding project, still in the presale, but a very formidable contender in the Telegram casinos sector.
Promising Alternative To BONK
TGC, the native crypto for the TG.Casino ecosystem, is the most promising alternative to BONK. Gambling enthusiasts should rush to the TGC market as the token provides an entry into an exclusive place for online, anonymous crypto gambling.
TGC token is available for purchase on the TG.Casino website, where it is selling for just $0.18. However, this price tag will increase in the next two days. Take advantage of the window of opportunity.
The $TGC presale has risen to $0.18 per token!
Show of hands for everyone that loves seeing the value of their token go up pic.twitter.com/7PWjtqCV0o
— TG Casino (@TGCasino_) December 7, 2023
Presale sales have breached the $3.701 million mark, surging towards the target objective of $5 million.
The $TGC journey continues in our presale, inching closer to our target of $5 million raised. Act now and be part of the excitement: https://t.co/20PB5qO2Ku
— TG Casino (@TGCasino_) December 8, 2023
Once a token holder, you do not have to wait for the presale to end. This is thanks to the staking dashboard going live early in November.
This is an opportunity to increase your passive income, as this stake-to-earn project gives Annual Percentage Yields (APY) as high as 168%.
There is also the refer and earn function, giving you a chance to earn more. Share the project with your friends using your unique referral link for a 10% commission on all invited players.
REFER & EARN!
Love https://t.co/1CivTnIx4Z? Share it with friends using your unique referral link for 10% commission on all invited players!
Whether via DMs, WhatsApp, Twitter, or anything else, spread the word and watch your earnings grow!
Go get it players! pic.twitter.com/m4IYj8rIY5
— TG Casino (@TGCasino_) December 7, 2023
There is also a 25% cash back on all losses when betting TGC token. Do not miss out on the wide range of opportunities to grow your income. Visit TG.Casino website to buy TGC in the presale here.
Also Read:
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- Audited By Coinsult
- Decentralized, Secure Cloud Mining
- Earn Free Bitcoin Daily
- Native Token On Presale Now – BTCMTX
- Staking Rewards – Over 100% APY
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