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- 1 Bonk price has been facing weakness, suggesting that bears are in control.
- 2 Crypto price is down by almost 8.18% in a week.
BONK has emerged as a cryptocurrency centered around the community, crafted for seamless incorporation with Solana’s decentralized applications. Since its 2017 inception, BONK has carved its niche as Solana’s communal token, striving for widespread adoption within an array of decentralized platforms. Championing the principles of decentralization and collective governance, BONK sets itself apart from the conventional venture capital model. It dedicates its focus to bolstering the Solana ecosystem’s NFT aficionados, decentralized finance participants, creators, collectors, and developers.
The genesis of BONK can be traced back to Dexlab, a multifaceted platform encompassing a decentralized exchange, a coin minting facility, and an incubator for new projects. The foundational support for BONK originated from Helio, a web3 payment interface, and the Famous Fox Federation, both of which played pivotal roles in the initial airdrop and subsequent ventures. In keeping with the ethos of privacy and autonomy, the creators behind BONK have opted for anonymity.
Technical Analysis Of Bonk Crypto Price
The technical charts of the Bonk crypto reveal that the sellers have been dominant. Crypto has been on an upward trend but facing weakness recently, as it has broken below the 20 EMA.
The technical indicators also confirm the bearish sentiment, as the RSI is near the oversold zone at 38 and the MACD has formed red bars and a bearish crossover. These signals indicate that the crypto may face more upside pressure in the coming weeks.
The Bonk technical oscillators also support the bearish trend. The MACD, RSI, and EMAs are emphasizing negative signs and imply that the weakness in the trend may continue in the BONK crypto price in the short term. Crypto price action suggests that the investors and traders are bearish on the 1-D time frame. The price action reflects a profit booking at the moment at the moment.
TRON Crypto Price vs Volume Analysis
Per the price and volume charts, the trading volume has dropped significantly since the beginning of the month, and the price has also dropped with trading volume. The trading volume has dropped by more than 50% in a few days and the price has declined by more than 30%. If the trading volume continues to fall, then it may leave a negative impact on the price.
TRON Crypto Social Dominance vs Social Volume Analysis
The social dominance and social volume graphs have declined for the last few months which means the awareness and information on social media like X, Instagram, and Telegram have decreased. Suppose the social dominance and social volume graphs increase then it may affect the TRON price positively.
Summary
Technical analysis of Bonk cryptocurrency, indicating a bearish trend. The price has recently dipped below the 20-day Exponential Moving Average (EMA), and technical indicators including the relative strength index (RSI) and the moving average convergence divergence (MACD) are showing signs of a potential continued downtrend. The RSI is nearing the oversold territory, and the MACD is displaying bearish crossovers with red bars.
Additionally, the trading volume for Bonk has significantly decreased, which, coupled with the price decline, suggests a lack of buyer interest. The social metrics for Bonk also reflect a decrease in discussions and dominance on social media platforms.
Technical Levels
Support Levels: $0.0000179455.
Resistance Levels: $0.0000350672.
Disclaimer
It’s important to note that the views and opinions presented in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading stocks carries inherent risks, and readers should conduct their research before making any financial decisions.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
