Why is BONK Price Up Today?

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.

Transform Hundreds Into Millions With the Magic of Memecoins – think $BONK, but bigger!🤫

The key? Getting in early, especially during the IDO phase. Get in on NuggetRush now! This innovative memecoin blends play-to-earn gaming with real-world gold mining. Join soon to take advantage of the current ICO prices!

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.

You may also be interested in:

Check NuggetRush ($NUGX)

Sponsored: Invest Responsibly, Do Your Own Research.
Being in its ICO stage, NuggetRush offers a prime opportunity for early investors to get in at potentially lower prices
A unique play-to-earn gaming platform in the memecoin market
The platform combines artisanal and gold mining with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience
Fosters a strong community by encouraging physical meetups among members
NFT Integration with Prominent Characters
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.

Tags:

Petar Jovanović
Petar Jovanović

As the Head of Content at Captainaltcoin, I bring years of experience in the crypto industry. With a strong belief in the potential of the web3 market since 2017, I'm passionate about sharing valuable insights and knowledge. Feel free to connect with me on LinkedIn and let's discuss the exciting world of cryptocurrencies and decentralized technologies!

CaptainAltcoin
Logo