BONK (BONK) has pumped over 25% in price today, becoming one of the hottest topics in the crypto market. The meme coin currently trades around $0.00001665, staging a recovery attempt after crashing from its all-time high of $0.0000244 reached as recently as December 15th.
While BONK has seen a welcome reprieve from selling pressure, the coin remains deeply discounted from its recent peak. According to technical analyst StevenWalgenbach, BONK flashing signs of significant weakness after breaking down from key support levels this week. BONK broke down below the lower boundary of its positive price channel that had contained its ascent since October 22nd.
After falling out of this price channel, the meme coin tested support around $0.00001490 over the last two days. However, bears managed to force BONK’s price below this key support level.
StevenWalgenbach suggests that if selling pressure persists, BONK could now drop towards the next support zone around $0.00000899 in the coming days. In a worst-case scenario, prices could fall as low as $0.00000460 in the short-term if a massive capitulation happens.
However, StevenWalgenbach notes this bearish view would be invalidated if BONK can close a daily candle above $0.00001490 within the next 48 hours. In that case, the coin could begin recovering towards formidable resistance around $0.00003468 over the following week. However, now trading around $0.00001665, the coin has rebounded slightly off its recent lows, potentially setting the stage for further upside ahead if momentum continues building.
Analyzing the technical indicators on BONK’s chart, both the MACD and RSI are signaling the ongoing downtrend shows no sign of abating currently. With the RSI below its Simple Moving Average and the MACD indicator trending downwards below its signal line, sellers remain in clear control at the moment.
Will BONK Price Rebound to $0.000035?
With both meme coins and altcoins broadly declining, BONK price currently retests its 50-day EMA around $0.000016. However, it trades within a morning star reversal pattern, potentially attempting to base before recovery.
If buyers can hold price above the 50-day EMA into the New Year, BONK may eye further upside towards $0.000035. Though, with a worrying potential death cross forming on its 4-hour chart, downside risks could intensify towards $0.000010.
Bitcoin Minetrix Raises Over $6.5M Ahead of Novel Mining Model Launch
The ambitious crypto project Bitcoin Minetrix has raised an impressive $6.6 million throughout its presale to date. The project first launched its BTCMTX token presale in September, building immense hype leading up to its pending launch.
Bitcoin Minetrix presents a unique “stake-to-mine” model that opens up Bitcoin cloud mining opportunities to regular crypto investors.
By staking BTCMTX tokens in their wallets, users can earn Bitcoin mining credits exchangeable for either direct mining time or a portion of revenues earned from Bitcoin Minetrix’s mining operations.
This eliminates the capital-intensive barriers of operating actual Bitcoin miners, allowing nearly anyone to participate in Bitcoin mining returns for the first time.
Additionally, Bitcoin Minetrix offers jaw-dropping estimated annual yields around 97% to those who stake their BTCMTX tokens in specialized pooling contracts.
With the presale nearing its end, BTCMTX is expected to list on top crypto exchanges soon after. This will enable seamless trading and access to the token for investors worldwide.
The platform’s innovative mining credit model grants simplified access to Bitcoin mining rewards, which have historically been reserved for technical pros able to invest heavily in niche gear and handle soaring energy demands. Bitcoin Minetrix makes Bitcoin mining achievable for regular users through its BTCMTX staking and mining credits system.
By staking their BTCMTX holdings, users can reliably earn cloud mining credits exchangeable for either direct access to mining power or a cut of revenues extracted by Bitcoin Minetrix’s industrial-scale mining infrastructure. This allows practically anyone to begin passively accumulating Bitcoin without operating actual ASICs or managing complicated mining setups on their own.
The presale has systematically progressed through stages, rapidly filling up at each phase. Now in its final stretch, Bitcoin Minetrix has its sights set on high-profile exchange listings to boost liquidity alongside the launch of its supporting mobile app and continued expansion of its mining capacity.
Bitcoin Minetrix’s one-of-a-kind platform and earning opportunities have also fostered tremendous community growth, with over 8,000 members already actively participating in its official Telegram channel.
While the future remains unpredictable, Bitcoin Minetrix’s novel mining architecture and dominant $6.6 million presale funding certainly make it an intriguing altcoin to monitor moving forward.
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