The post Is BONK at risk of a major dip? Assessing key fundamentals appeared on BitcoinEthereumNews.com.

Bonk declined by 17.7% in 24 hours. The memecoin’s fundamentals suggested a further decline below $0.0000200 before another uptrend. Over the past month, memecoins have experienced an exponential surge. Over this period, Bonk [BONK] saw a sustained upswing, hiking by 19. 21%. The memecoin has recorded moderate gains over the past week, surging by 5.05%. However, the last 24 hours have seen a significant market correction. In fact, at press time, BONK was trading at $0.00002082. This marked a 17.70% decline on the daily charts. Also, the memecoin saw a decline in trading activities, dropping by 27.89% to $460.6 million while the market cap dipped by 17.55% to $1.48 billion. Prevailing market sentiment According to AMBCrypto’s analysis, BONK attempted a breakout above $0.00002750 but faced a rejection, causing the price to retrace. This price movement indicated buyers were not strong enough to push the prices above this level, as sellers were defending it. Such market conditions showed a shift in market sentiment from positive to negative. Source: Market Prophit As such, AMBCrypto’s look at Market Prophit suggested that the current crowd sentiment was negative at press time. This was supported by the fact that crowd Z score sentiment was -1.49, while the Market Prophit Z score sentiment is -0.0988. Also, the crowd sentiment and BUZZ scores have seen a sharp decline over the past 24 hours. The question is, could this pullback see BONK drop below $0.00002000 or the retrace is a mere correction before a strong upswing? What BONK charts indicate AMBcrypto’s analysis showed that the press time market conditions could set BONK for further declines before attempting another uptrend. Source: TradingView For example, BONK’s Relative Strength Index (RSI) declined over the past five days from a high of 74 to 51 at press time. This showed a decline…

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Filed under: News - @ October 4, 2024 1:02 am