BONK price action spells trouble after becoming an overnight crypto sensation.

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  • BONK Token Launched on December 25th, 2022

  • The cryptocurrency rose by a four-digit percentage after launch

  • BONK price has cooled down and is trading bearish and may claim lower levels

Crypto has always treated its fans with twists, turns and surprises. The crypto community loves it as such, as it becomes a time to make quick money as the rest of the market falls asleep. In 2022, we were ready for the wildest launch of ApeCoin. Before the dust settled, the optimism airdrop came in with a bang! The Year Couldn’t Have Ended In A Better Way For Crypto Fans bonk token (BON/USD).

if you are a fan of mem token, then don’t miss out on your watchlist after BONK’s heroic entry into the crypto space. Launched on December 25, 2022, BONK has been a sensation, garnering a four digit percentage increase in price. The token also dominated the social trading platform. Analysts attribute the popularity of the new dog-themed token to the Solana community. The former is based on the Solana network.

However, if history is indeed a good teacher, we must learn that gains cannot last forever. We’ve seen highly publicized launches drive up token prices, only to have them crash afterwards. BONK can be no exception. As of press time, the meme cryptocurrency had lost at least 50% of its value from its all-time high. Typical of the phrase, if you didn’t ride early, don’t do so now. Technical signals suggest that BONK could decline further.

BONK declines as price finds minor support

BONK/USDT Chart by TradingView

From a 4-hours chart perspective, BONK is trading nervously in a support area. The upside highs have been short as the price declines. There has been a slight improvement on buy-side volume support, but not enough to boost BONK price.

BONK Price Prediction

The price may continue to decline as the hype around the BONK launch wears off. Investors may view BONK as an overvalued asset. Profit taking and panic selling could also be at play and could force a bearish breakout.

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