Check Today's Crypto Market:
Bittime - Bonk goes a long way! The Solana-based meme coin skyrocketed to an all-time high of $0.00003876, up more than 55% in the last 24 hours (according to CoinMarketCap). This begs the question: can Bonk reach a price of $0.01 before established meme coin Shiba Inu (SHIB)?
Also read: What is BONK (BONK)? Meme Coin Phenomenon
Riding the Market Wave
Bonk's impressive performance has undoubtedly benefited from the prevailing bullish (optimistic) sentiment in the crypto market. Bitcoin's recent rise to $66,000 is fueling optimism that it will soon reach a new all-time high.
However, Bonk's stellar performance in this rally highlights its potential to challenge other popular meme coins.
Bonk's Sharp Rise: A Threat to the Meme Coin Hierarchy?
2024 is expected to be a breakthrough year for crypto, with a projected Bitcoin surge driven by Bitcoin Spot ETFs. So far, March is living up to those expectations. But a surprising new player emerges: Bonk.
With a staggering 5,000% rise this year, this meme coin has seen a phenomenal rise.
Dogecoin Vs Shiba Inu: Catching Each Other's Eyes
Can Bonk Maintain Its Momentum?
The meme coin market is known for its volatility (high price fluctuations). While Shiba Inu, Pepe, and Dogecoin dominate this space, Bonk's 5,000% rise is undeniable. However, a correction (price drop) in the coming weeks remains a possibility.
Bonk Technical Analysis: A Double-Edged Sword
Bonk's Relative Strength Index (RSI) reached an alarming 90 on Monday, indicating that Bonk is in overbought territory. Even though the price surpassed the 30-day and 200-day averages, this unsustainable momentum may be tempered by the high RSI.
Whale Activity and Potential Correction
Bonk's trading volume on Monday reached $1 billion indicating large purchases by "whales" (large investors). This raises concerns about a potential price decline as these whales take profits, leading to a correction.
Also Read How To Buy Crypto:
The Influence of Bitcoin and the Halving Event
Bitcoin's ongoing rally, potentially reaching a new record high above $69,000, could create room for continued Bonk growth, especially ahead of the highly anticipated Bitcoin halving event on April 19.
Also Read Bitcoin Halving in 2024: Analysis of Market Players
Can Bonk Overtake Shiba Inu? This is Tight Competition
Shiba Inu's 33% rise today shows an overall surge in meme coins. Even competitors like Pepe experienced a 44% increase.
Although Bonk currently leads in daily increases, reaching $0.01 before Shiba Inu remains a challenge due to the volatile nature of the market.
Also Read: Pepe Coin's Rising Popularity in the Crypto Market: Analysis of PEPE's Price and Market Strength
Conclusion: Time Will Answer
An overbought RSI indicates a potential price correction for Bonk in the coming weeks. Bitcoin's performance in the next few days will also play an important role in determining the sustainability of the current rally.
Ultimately, predicting Bonk's ability to maintain its path and surpass Shiba Inu to reach $0.01 is still difficult.
How to Buy Crypto from Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Learn Complete Guide How to Buy Crypto on Bittime .
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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