Bonk saw immense volatility this past week. After crashing over 70% from its post-Binance listing euphoria, BONK managed to hold key support highlighted by trader Crypto Patel:
BONK has experienced a significant decrease of -71% in value within a month following its listing on Binance. The current support level is at $0.000010, and if it fails to hold at this level, there is a potential risk of another -60% decline.
Indeed, Bonk found buying interest right around the $0.00001 level to catalyze a swift 28% single-day reversal. This also marked a 97% spike in social volume over just 24 hours, per Santiment data.
Source: CoinStats – Start using it today
Drilling deeper, the meme token only hit an RSI reading of 32 at the lows, well short of oversold levels, suggesting further downside remains limited.
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Show more +Added upside fuel stems from Bonk’s newly confirmed listing on popular spot exchange OKX to begin trading on January 9th. Previous exchange milestones sparked similar frenzies.
Zooming out, Bonk produced a yield exceeding 21x earlier this year as one of 2023’s top-performing meme launches. Interest appears to be stabilizing around key support despite still being down 70% from highs.
In summary, a confluence of holding technical support, very oversold RSI levels bouncing, and new exchange listing hype indicates Bonk may have found at least a temporary bottom. Additional volatility is still expected, but the token shows resilience after its parabolic ascent.
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