BONK token has continued its calamitous fall-from-grace, as BONK price drops -20% in a dramatic loss of 20DMA support, but with attention shifting to Meme Kombat – is BONK going to zero?
This comes after BONK token surged a brilliant +26,675% over the course of November, in a breakout meme coin rally that swept through crypto markets following a major listing by CoinBase.
CLOSING MY $BONK SHORT pic.twitter.com/skLVgqIW5T
— Ash Crypto (@Ashcryptoreal) December 27, 2023
Yet, as prominent traders on Crypto X (Crypto Twitter) begin to close position on big short plays, could BONK be due for a reversal?
BONK Price Analysis: Can BONK Token Recover From Loss of 20DMA Support?
Amid the retracement move, BONK is currently trading at a market price of $0.00001585 (representing a 24-hour change of -1.93%).
Price action is currently fighting to establish support immediately below the 20DMA (which is currently sat at $0.0000175), with a strong foothold emerging at the $0.0000155 price level.
Yet, the significance of this loss of 20DMA support cannot be understated, this is the first time that price has diverged below the solid support of this moving average.
This opens the door to a potential free-fall in price action, if BONK bulls are unable to gain control of price trajectory on the near time frame.
However, in the midst of the downtick, a small silver-lining emerges in the RSI, which has cooled-off significantly from severe bearish divergence to a more neutral 52.48 – suggesting price action now has the capacity to push up once more.
Yet, this is contrasted by the MACD, which has flagged the stalling momentum, flipping to a display of bearish divergence at -0.0000008755.
Overall, BONK is in a critical position here, with a high risk of free-fall if bulls lose their grip.
This leaves BONK with an upside price target above the 20DMA at $0.000018278 (a potential +15.4%).
While downside risk could see BONK fall down to lower support at $0.00001135 (a possible -28.34%).
BONK price is therefore facing a risk: reward ratio of 0.54 – a bad entry – dominated by downside risk.
Yet, while BONK is facing a breakdown, traders are rushing into a skyrocketing meme coin presale, in the hope of riding the next BONK price explosion.
Meme Kombat Smashes Past $4.65M Raised In Skyrocketing Presale – Don’t Miss The Next BONK
Meet Meme Kombat, a trailblazing initiative that has seamlessly blended the memetic love of nostalgic gaming, and GambleFi, into a decentralized Web3 platform.
So, what makes Meme Kombat tick, and why should potential investors keep a keen eye on this presale?
The essence of Meme Kombat lies in its captivating arena where characters aiming to tap into deeply tribal crypto communities lock horns.
Players have the liberty to place their bets on these animated battles, predicting the outcomes and possibly reaping attractive rewards.
$4.6 million in the bag
We moving! $5 million before 2024? pic.twitter.com/oFn4iPVNTY
— Meme Kombat (@Meme_Kombat) December 27, 2023
With a sturdy promise of Season 1 showcasing 11 distinct meme characters, there’s no shortage of action, and Season 2 is already on the horizon for December 2023.
The decentralized nature of the project, combined with the thrill of AI-driven battles, ensures that the outcomes are both transparent and unpredictable – every battle is a new experience, ensuring players stay engaged.
Meme Kombat Pits Leading Crypto Meme Communities in High Octane Staking Battles
The project isn’t just about excitement; it’s built on a foundation of trust – Meme Kombat’s commitment to transparency is evident through initiatives like the impending security audit of their smart contract.
The findings of this audit will soon be public, a move that many projects shy away from.
The founder and project lead, Matt Whiteman, isn’t an unknown entity in the crypto space.
His experience spanning two decades in process design, combined with his position as the COO of North Technologies, adds credibility to Meme Kombat.
When so many projects hide behind the veil of anonymity, Whiteman’s open profile and the project’s physical address in Amsterdam offer an extra layer of trustworthiness.
The tokenomics of Meme Kombat is also an appealing factor for potential investors – Stake the Meme Kombat ($MK) token, priced attractively at $0.246, and dive into a rewarding ecosystem.
With a generous APY of 112%, stakers not only benefit from passive income but can also use their staked tokens to place bets in the arena – this dual functionality – earning while gaming – sets Meme Kombat apart.
Intriguingly, engagement on the platform directly influences the income one can earn, so, the more you participate, the more you stand to gain.
With the GambleFi industry booming following coins like Rollbit, Meme Kombat seems poised to tap into this lucrative market with its innovative approach.
By merging memes, gaming, and blockchain, the platform is presenting something fresh to the crypto community.
For those looking to diversify their portfolio with a unique offering, Meme Kombat seems like an opportunity too good to miss – so, don’t be left behind (stay tuned with the MK Telegram).
Embrace the future of meme-based gaming and betting with Meme Kombat.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
The post Is Bonk Going to Zero? BONK Price Instantly Drops 20% as Attention Moves to New Meme Coin (mk) appeared first on Cryptonews.