Flow

Memecoin

Bonk

MN Coin

<ul>
 <li style="font-weight: 400;">Of all crypto assets, BONK has seen the most decline in the last seven days.</li>
 <li style="font-weight: 400;">This comes after its value grew by over 500% in the last month.</li>
</ul>
After an extended period of rally, dog-themed <a href="https://ambcrypto.com/search/sol" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Solana</a>-based token <a href="https://ambcrypto.com/search/bonk" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Bonk [BONK]</a>, has hit a snag, losing nearly 30% of its value in just seven days.
The decline comes after the significant uptick in demand in the last month pushed the token to an all-time high of $0.00003419 on 15th December. By then, BONK’s price had climbed by over 500% in the preceding month.&nbsp;
Since clinching the high, BONK’s price has declined. Exchanging hands at $0.00001816 at press time, its price has fallen by 44% since 15th December, according to data from <a href="https://coinmarketcap.com/currencies/bonk1/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">CoinMarketCap</a>.
<div id="attachment_360121" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/BONK_7D_graph_coinmarketcap.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-360121" decoding="async" class="wp-image-360121 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/BONK_7D_graph_coinmarketcap.png" alt="" width="1420" height="792" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/BONK_7D_graph_coinmarketcap.png 1420w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/BONK_7D_graph_coinmarketcap-300x167.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/BONK_7D_graph_coinmarketcap-1024x571.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/BONK_7D_graph_coinmarketcap-768x428.png 768w" sizes="(max-width: 1420px) 100vw, 1420px"></a>
 Source: CoinMarketCap
</div>
<h4>The end of an era?</h4>
AMBCrypto’s assessment of BONK’s price movements on the daily chart revealed a notable decline in trading volume among spot traders. Key momentum indicators have trended downward since 14th December, suggesting a steep fall in demand for the meme coin.
For example, the value of BONK’s Accumulation Distribution Line (ADL) has since dropped by 38%.&nbsp;The ADL measures the underlying supply and demand of an asset, and it does this by determining whether traders are actually buying or selling the asset.&nbsp;
A falling ADL generally indicates that more investors are selling the asset than buying it. It also confirms a downtrend in price, suggesting further declines may be likely.
Also, BONK’s Relative Strength Index (RSI) and Money Flow Index (MFI) indicators have plummeted in the past few days.&nbsp;
Although they remained positioned above their respective neutral lines at press time, the waning hype around BONK might cause them to cross into the oversold territory.&nbsp;
Still declining at press time, BONK’s RSI and MFI were 67.97 and 60.61, respectively.&nbsp;
Suggesting a significant liquidity decline in BONK’s spot market, its Chaikin Money Flow (CMF) returned a negative value at press time.&nbsp;
Typically, a CMF value below zero is a sign of weakness in the market. A negative CMF indicates that the volume-weighted average of the money flow into the market is tilted towards selling. As of this writing, BONK’s CMF was -0.07 at press time.
Realistic or not, here’s&nbsp;<a href="https://ambcrypto.com/calculator/marketcap" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">BONK market cap in BTC</a>‘s terms
Lastly, the bears were spotted making a re-entry. This was based on readings from the token’s Moving Average Convergence Divergence (MACD) indicator, which showed the MACD line resting under the trend line, following a downward crossover on 22nd December.&nbsp;
This confirms the shift in market sentiment, as this type of crossover typically suggests that the short-term momentum is turning bearish.&nbsp;
<div id="attachment_360123" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/BONKUSDT_2023-12-23_06-21-49-1.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-360123" decoding="async" class="wp-image-360123 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/BONKUSDT_2023-12-23_06-21-49-1.png" alt="" width="2346" height="1302" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/BONKUSDT_2023-12-23_06-21-49-1.png 2346w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/BONKUSDT_2023-12-23_06-21-49-1-300x166.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/BONKUSDT_2023-12-23_06-21-49-1-1024x568.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/BONKUSDT_2023-12-23_06-21-49-1-768x426.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/BONKUSDT_2023-12-23_06-21-49-1-1536x852.png 1536w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/BONKUSDT_2023-12-23_06-21-49-1-2048x1137.png 2048w" sizes="(max-width: 2346px) 100vw, 2346px"></a>
 Source: BONK/USDT on TradingView
</div>

Memecoin BONK down 30% in 7 days – What now?

AMBCrypto

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