The Bonk price has plunged 10% in the last 24 hours to trade for $0.00001239 as of 12:40 a.m. EST time on trading volume that plummeted 45%.
The slump is giving perpetual traders a field day shorting BONK. One trader and analyst on X, @Shubidubby, says, Bonk is ”a nice short” but advises investors to be careful and ”not to exceed 5x leverage.”
1. Another one for me! Come on guys, I take time to make these nice and wonderful predictions ahead. If you had just paid attention, then you could have been in a nice short!
— CRYPTO NABI (@Shubidubby) February 11, 2024
On the daily timeframe, the BONK price is confronting the 50-day Simple Moving Average (SMA), as it tries to reclaim above the ascending trendline.
BONK Price Prediction As Bulls Try To Scale A Comeback
The BONK price is confronting the 50-day SMA at $0.00001251, with prospects for more gains considering the Relative Strength Index (RSI) is above 50. The Moving Average Convergence Divergence (MACD) is also in positive territory, adding credence to the bullish outlook.
Increased buying pressure could see the BONK price overcome the 50-day SMA to reclaim above the ascending trendline. Enhanced buyer momentum above this level could send BTC to $0.00002166, or in a higher bullish case, extrapolate to retake the $0.00003500 range high. Such a move would constitute a 185% climb above current levels.
On the flip side, if traders start booking profits, the BONK price could drop to lose the support offered by the 100-day SMA at $0.00001251. This is a critical support, as it coincides with the descending trendline. If it fails to hold as support, the BONK price could roll over to the 200-day SMA at $0.00000540. This would denote a 55% slip below current levels.
In a dire case, the fall could send the BONK price all the way to the range low at $0.00000017, levels last tested before the markets turned bullish around mid-October.
Meanwhile, many investors are migrating from Bonk to a new peer in the Solana ecosystem, Smog. It features among YouTuber Jacob Bury’s best meme coins to buy and is pumping and trending amid the Chinese Lunar New Year of the Dragon hype.
Promising Alternative To Bonk
SMOG is the latest Solana-based meme coin star. Two reasons explain why. First, it’s promising the greatest Solana airdrop of all times. Secondly, it comes around the time when the Chinese Lunar New Year of the Dragon 2024 starts, and with Smog’s feature image of the dragon likely to benefit by association.
The meme coin joins the ranks of hot pair meme coins on Solana, taking the baton from Bonk and using the slogan, “One meme coin to rule them all.”
Promising to unleash the mother of all airdrops to its investors, Smog is poised to surpass even Jupiter’s monumental $700 million airdrop on Solana that helped mint many millionaires.
Meanwhile, the Smog community is expanding fast with token holders qualifying for a portion of a community bounty generated by the campaign, an incentive that encourages investors to hold onto their tokens. Meanwhile, Jacob Bury, a crypto analyst and YouTuber, anticipates says Smog has the potential to 100X on launch.
Chinese New Year Of The Dragon Bodes Well For Smog
As Smog’s dragon theme appeals to investors across the world celebrating the Chinese New Year of the Dragon, Smog is nicely placed to ride a strong tailwind.
”Everyone feels lucky when they’re in the Year of the Dragon,” said Anna Wong, a local board member of the Organization of Chinese Americans. “It’s a very powerful year and very auspicious.”
Smog holders are thus very nicely placed to benefit as festive celebrations across Chinese communities around the world draw in investors. Interested buyers should act fast amid rumors of more major exchange listings for Smog.
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