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.

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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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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!