Bonk Price Prediction: BONK had the biggest decline of the week with a 27% plunge, but the meme coin king has surpassed $6.1 million.

Bonk price had the biggest decline among the top 100 cryptocurrencies this week, plummeting 27% to $0.0000107 as of 1am ET.

In the last 24 hours, the price has fallen 8% and volume has fallen 5%. The slump comes amid a decline in SOL meme coin mania, with the price of Solana falling 7%, making it the biggest loser among the top 10 cryptocurrencies, followed by Avalanche (AVAX).

BONK is also the biggest loser among the top five meme coins.

The crash caused Bonk price to lose its most important support at $0.0000138, marked by the 38.2% Fibonacci level.

BONK price outlook amid disappearance of Meme Coin euphoria

Bonk price remains bearish and is consolidating within a descending parallel channel range. As long as Solana-based meme coins remain within this technical structure, BONK holders are bound to suffer further losses.

Unfortunately, the relative strength index (RSI), which shows momentum, is also showing a downward trend, showing that buying momentum is continuing to decline. This favors the downside. The Awesome Oscillator (AO) indicator is also in negative territory, indicating that the bears, highlighted by the red histogram bar, have established a strong presence in the Bonk market.

As seller momentum increases, the downside could widen to the point where Bonk price loses support due to the 23.6% Fibonacci level of $0.0000088. In a worst-case scenario, the bonk price could fall to $0.0000007, the bottom of the market range. Such a move would result in a 92% decline from current levels.

converse case

On the other hand, the ADX (Average Directional Index) indicator, which indicates trend strength, is showing a downward trend, suggesting that the strength of the downward trend is weakening. This means that the BONK price downward trend may soon bottom out and lead to a consolidation or rebound.

Increasing buying pressure could push Bonk price upwards to recover above the $38.2% Fibonacci level. However, for the bearish theory to be invalidated, BONK price would have to retrace the 50% and 61.8% Fibonacci levels from the $0.0000179 and $0.0000220 Fibonacci levels respectively, filling the market range of $0.0000278.

The above signals a full-fledged recovery rally, but an upward trend would require Bonk price to hit a high higher than the December 15 high of $0.0000350.

Meanwhile, while meme coins have been losing some momentum, one player in the space, MK, continues to shine, surpassing $6.1 million in presales. This is one of analysts’ top picks for the best meme coins to buy in 2024 with the potential for exponential growth.

A promising alternative to Bonk

MK is the native cryptocurrency of the Meme Kombat project, an innovative new gaming platform designed for gaming enthusiasts. The project is in the pre-sale phase and boasts an outstanding investment of $6.132 million as it approaches its $6.5 million target.

Social media groups are also growing, with support seen in pre-sale collections showing belief in the project, with Telegram alone having over 7,000 members and X with over 14,500 cumulative members.

Meme Kombat Telegram Group now has 7000 members💪

So please stay safe. There is only one official group⚔️ pic.twitter.com/IetN6JxKRs

— Meme Kombat (@Meme_Kombat) January 5, 2024

Investors looking to purchase MK can do so on the official website where each Meme Kombat token is sold for $0.279. Pre-sale is nearing its end, so don’t miss out on this investment. Remember, Meme Kombat is a project that has the potential to stand alongside meme coin giants including Shiba Inu (SHIB), Pepe (PEPE), and Dogecoin (DOGE), which have taken the meme coin world by storm.

see $MK Rise to unprecedented levels and shake the world #memecoin scene. Don’t miss it. Purchase the pre-sale: https://t.co/2x2FvsuR61

— Meme Kombat (@Meme_Kombat) January 5, 2024

Token holders can also utilize the staking feature with the dashboard already activated. Stakers are already enjoying high annual returns of 154%, with 78% of the entire MK token bucket already staked.

📣Major Updates📣

The Meme Kombat Staking Dashboard is officially live and ready for you to use!

Take a break from Kombat and visit our staking dashboard here: https://t.co/nNFEYESjPs pic.twitter.com/yswl0esb4G

— Meme Kombat (@Meme_Kombat) November 9, 2023

Don’t wait for the battle, purchase the presale today and start earning APY on $MK tokens.

Meanwhile, YouTube cryptocurrency analysts continue to bring to your attention a ripening opportunity called Meme Kombat. According to ClayBro, whose channel boasts over 116,000 subscribers, the project has the potential to become “the biggest meme coin gaming token of 2024.”

Others have also listed MK as one of the top five coins to watch in 2024.

Visit the Meme Kombat website to purchase MK in pre-sale here.

Also read:

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