HomeNFT'sBonk Coin Value Forecast: Decline of BONK Price by 20% Due to...

Bonk Coin Value Forecast: Decline of BONK Price by 20% Due to Traders Shifting Towards This Solana Airdrop Meme Coin Competitor for Potential 100-Fold Growth

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The Bonk price plunged 20% in the last 24 hours to trade at $0.00002141 as of 8:05 a.m. EST on a 2% drop in trading volume to $315 million.

Despite experiencing a recent decline in value, BONK remains a significant presence in the cryptocurrency space, boasting a market capitalization of approximately $2 billion and a gain of 260% in the past month.

Bonk Price Signals A Rebound On A Double Bottom Pattern

Bonk Price

BONKUSDT Analysis By Tradingview

The Bonk price indicates a decline after hitting its all-time high following a prolonged downtrend, with the support zone at $0.00001005 empowering bulls to drive the price higher. 

Despite the resistance point at an all-time high of $0.00004547, allowing the bears to push down the price, the bulls are showing signs of reversal with the formation of the double bottom pattern, which signals a bullish trend reversal. If the momentum is sustained, BONK’s price could see another bull rally in the upcoming weeks.

The Bonk price has also slipped below the 50 and 200 simple moving averages (SMAs), affirming the downtrend momentum. However, increased general bullish momentum could help the bulls drive the price above the SMAs, confirming the potential bull rally.

Furthermore, the Relative Strength Index (RSI) indicates a rebound around 30 oversold levels below the 50 midline level. If the momentum increases it could push RSI into the overbought zone.

The BONK Price Bulls Gear Up For Another Bull Rally

The BONK price shows an upward trend, although it has dropped from its All-Time High and fallen below the 50 and 200 Simple Moving Averages (SMAs). Forming a double-bottom pattern might support bullish momentum, pushing the price higher toward new highs above the All-Time High (ATH).

However, if bears continue the corrective stage, the price could retrace towards the $0.00001511 support level coinciding with the 50 SMA.

In the meantime, investors looking for profitable investment options might consider adding SMOG to their portfolios. SMOG is a Solana rival of Bonk (BONK), Myro (MYRO), and Dogwifat (WIF), and it’s been gaining attention in the world of meme coins due to its highly anticipated airdrop.

Smog Token Announces Massive Airdrop

In just over a month, $SMOG has made significant strides, boasting a fully diluted market capitalization of $133 million with over 102,503 holders.

Starting at a meagre low price of $0.001419 on DEXs, the dragon-themed meme coin skyrocketed about 331% to its all-time high of $0.3772.

Analysts speculate that buyers from China and other parts of Asia are among the coin’s most prominent supporters, possibly because its dragon theme is aligned with the Chinese New Year of the Dragon.

Aiming to surpass the success of previous Solana airdrops, the team behind Smog has allocated 35% of the total token supply of 1.4 billion for an event it says will be the ”the greatest in history.”

Season 1 of the airdrop depends on participation in the completion of various quests and tasks that are managed on Zealy and that will end on April 3.

In Season 2, starting April 4, buying and holding $SMOG will be prioritized, with greater rewards. Most importantly, Season 2 will award XP based on buying, holding, and swapping $SMOG.

The CryptoGains YouTube channel says Smog has the potential to 100X on launch. 

Investors can also stake $SMOG for annual returns of about 42% .

The best place to buy Smog is on the official website here, where you can get a 10% discount while the offer lasts.

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