BONK price has taken a nosedive as volatility embraces the leading memecoin. On Friday, a surprised Coinbase listing sent BONK crypto to an all-time high. However, many early investors took the opportunity to unload their spit holdings and the price action reversed.
As a result, the third-biggest meme coin took a nosedive and is now trading 30% below its all-time high. On Saturday, BONK is up 4.6% after a 2.14% decline in its previous session. The recent pullback also resulted in a massive decline in its market capitalization which fell to $1.5 billion from its weekly high of $2 billion.
At the time of writing, BONK is changing hands at $0.000025 which is well below the weekly high of $0.000035. This correction can be attributed to a cautious Bitcoin price action as the biggest cryptocurrency remained stuck around $42,600 on Saturday.
While Bitcoin dominance fell 0.51% today, the Total 4 market cap surged 3.35% on the same day. This shows that the investor focus has shifted to altcoins after an incredible Bitcoin run. With this increase, the market cap of digital assets except Bitcoin and Ethereum has hit $469 billion.
For a deeper understanding of the price action, let’s perform a technical analysis on the BONK/USD chart. For this purpose, you see some critical levels market on the following chart. The most critical level right now is the $0.000025 level, which is the range low.
While on a higher timeframe BONK price prediction is looking very bullish on a high timeframe, for another bullish leg it needs to reclaim the $0.000025 level. Another factor to be considered is the broader market sentiment in the whole crypto industry. Usually, memecoins are the last to pump during crypto rallies.
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This post was last modified on Dec 16, 2023, 17:14 GMT 17:14