What Is Going On With The 'Shiba Inu On Solana' BONK?

Author: Khyathi Dalal | July 03, 2024 02:30pm

Bonk (CRYPTO: BONK) is down over 30% over the past 30 days, with traders wondering whether there is any upside to expect from the meme coin.

What Happened: One trader sees Bonk rebounding from a support trendline but for bullish continuation, the meme coin needs to break above its resistance level. If it fails to do so, that could signal a potential downward movement in its price.

#BONK/USDT ANALYSIS

BONK is currently experiencing a rebound from the support trendline of an ascending triangle pattern. However, the 21MA is acting as a resistance level above the price action. For a bullish confirmation, BONK needs to break out of both the ascending triangle… pic.twitter.com/O4rLwj1913
— Daily (@dailywintrade) July 2, 2024

Another trader sees the Bonk chart as the only one showing relative strength and stated he opened a long trade on Bonk. Yet another trader mentioned the recent launch of BonkRun, a mobile game, as a potential bullish catalyst.

Benzinga Future of Digital Assets conference

Also Read: Solana’s Answer To Dogecoin Outpeforms Broader Market With A 13% Spike: What’s Up With Bonk?

Price Action: In the past 24 hours, Bonk is down 13% to $0.00002233.

What’s Next: The influence of meme coins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

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