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Cryptocurrency News Articles
BONK (SOL) Price Prediction: BONK Encounters a Sharp 12.5% Decline, Misses the Chance for a 92% Rally
Oct 07, 2024 at 02:20 pm
Solana's meme coin, BONK, recently faced a sharp 12.5% decline, dropping to $0.0000214 after failing to break through a key resistance level at $0.00002400
Solana's meme coin, BONK, recently encountered a setback in its price trajectory. After failing to breach a key resistance level at $0.00002400, BONK experienced a sharp 12.5% decline, dropping to $0.0000214. This missed opportunity halted a potential 92% rally for the meme coin.
Key points to note:
As the broader crypto market underwent a correction, بازار ارز دیجیتال BONK faced significant selling pressure, dropping from a crucial breakout point. This missed opportunity, caused by a shift in investor sentiment, led to a 12.5% decline for BONK.
Since early September, BONK had experienced increasing capital inflows, which the Chaikin Money Flow (CMF) metric highlighted. This signaled bullish investor sentiment as funds flowed into BONK. However, as BONK approached a breakout above the resistance level of $0.00002400, the CMF indicator began to show a decline.
The market's overall bearish sentiment led investors to pull back, causing BONK to lose momentum and struggle past its crucial resistance level.
Moreover, BONK's macro conditions presented additional challenges. Recently, BONK's correlation with Bitcoin has gradually declined, reaching 0.48. This weakening correlation is a negative signal, indicating BONK's inability to benefit from Bitcoin's price recovery. In contrast, several altcoins with stronger Bitcoin correlations experienced upward movements in September.
With a decreasing link to Bitcoin, BONK lacked the broad market support it needed to fuel a rally. This declining correlation may hinder BONK's ability to gain upward momentum independently of Bitcoin's movements.
BONK Price Outlook: For some time, بازار ارز دیجیتال BONK's price has been trading within a descending wedge pattern, and it was poised for a potential breakout. If this had occurred, BONK's price could have surged by 92%, possibly reaching its all-time high of $0.00004800. However, the missed breakout has dampened expectations.
Should BONK fail to maintain its support at $0.00002153, it could enter a consolidation phase above $0.00001732, delaying any upward movement. Strong bullish indicators will be necessary for BONK to attempt another rally. If the broader crypto market experiences a reversal, بازار ارز دیجیتال BONK's fortunes could also improve. For now, BONK must break out above $0.00002748 and turn this resistance level into support to escape its bearish zone and initiate a rally toward previous highs.
It's also worth noting that other meme coins, such as PEPE and WIF, experienced sell-offs simultaneously. The market now awaits the potential effects of a Fed rate cut and liquidity infusion, which could still spark an "altseason."
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- EigenLayer Announces Isolated Exploit Resulting in Loss of 1.6M EIGEN Tokens Worth $5.5M
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