Bonk Holders Ditch BONK in Favor of This Emerging Meme Coin
As Bonk crashes 9% in the past 24 hours, BONK holders are abandoning the coin in favor of an unlisted crypto with better profit potential.
This article will provide an analysis of BONK’s current price trends and look to see whether a newer meme coin, PEPU, represents a more promising investment opportunity at this time.
$BONK Time for the big green weekly candle? pic.twitter.com/vSwJKVnLRP
— frumza (@frumza) July 22, 2024
Despite some bearish price action, opinions on the market’s next direction remain mixed.
As BONK price fights to reclaim footing above moving average resistance, BONK is currently trading at a market price of $0.000031 (representing a 24-hour change of -9.35%).
This comes amid a -10.45% retracement on the short-time frame, following strong rejection at the overhead $0.000033 price level.
The price correction move has sent the price back into troubled form beneath the localized resistance of the 20DMA, which has suffocated price action over the weekend.
Yet, with well-defended support at $0.00003, BONK bulls are maintaining technical structure as they target a break high.
With 20DMA resistance currently standing at $0.0000315, this is the key level to watch in a short time frame.
Meanwhile, a glance at the RSI indicator is also revealing. Momentum cooling down amid the localized retreat has left the indicator reading neutral at 49.33 – a potentially bullish clue.
Overall, it seems likely that the 20DMA will be decisive in the short time frame, with any further rejection likely to trigger another substantial drop in BONK price.
Yet, while BONK holders look shakey, another project is jumping from win to win as it unlocks impressive traction within retail investment markets.
The incubation is in progress
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