Flow

Solana

Bonk

Status

MN Coin

The meme coin themed on dogs, <a href="https://en.coin-turk.com/is-the-aptos-altcoin-the-next-solana-unraveling-the-potential-of-a-newcomer/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Solana</a>-based token Bonk (BONK), which has been the most talked about lately, experienced a long period of increase due to both market volatility and the unstoppable rise of the Solana network. It then suffered a value loss that caused it to lose about 30% of its value in just a seven-day period.
<h2 style="text-align: justify" id="current-status-of-bonk-price">Current Status of BONK Price</h2>
The price drop came after the token reached its highest level on December 15th at $0.00003419, following a significant increase in demand after <a href="https://en.coin-turk.com/solana-sol-coin-news-solana-announces-integration-with-shopify-for-solana-pay/" data-wpel-link="internal" rel="noopener noreferrer nofollow">SOL</a>‘s explosive movement last month. Before the price drop, BONK’s price had increased by over 500% compared to the previous month.
After reaching its peak, BONK’s price continued to decline. As seen in the charts, as of the time of writing, it is trading at $0.00001845, but BONK’s price has dropped by 44% since December 15th.
<img loading="lazy" decoding="async" loading="lazy" class="aligncenter size-full wp-image-292988" src="https://coin-turk.com/wp-content/uploads/2023/12/bonk-1-2-3.png" alt="" width="2048" height="959">
<h2 style="text-align: justify" id="bonk-technical-analysis">BONK Technical Analysis</h2>
In the evaluation of BONK’s daily chart price movements seen below, there was an interpretation that interest in trading volume among spot traders had decreased.
For example, BONK’s Accumulation Distribution Line (ADL) value has dropped by 38% since the date of the peak. ADL measures the underlying supply and demand of an asset and presents this by examining whether traders are actually buying and selling the asset.
A falling ADL value generally indicates that the asset is moving under selling pressure. In addition, the Relative Strength Index (RSI) and Money Flow Index (MFI) indicators, which investors closely monitor, had a downward momentum for BONK in the last few days.
<img loading="lazy" decoding="async" loading="lazy" class="aligncenter size-full wp-image-292989" src="https://coin-turk.com/wp-content/uploads/2023/12/bonk-mfi.png" alt="" width="2048" height="959">
As of the time of writing, although the RSI was still close to neutral, the same could not be said for MFI, which visibly dropped, suggesting that a decline could follow the decrease in excitement around BONK and could trigger a move to the oversold region. According to press time, BONK’s RSI and MFI values were 45.47 and 19.97, respectively.
The Chaikin Money Flow (CMF) also indicated a significant liquidity drop in BONK’s spot market, with a value of -0.08 at the time of writing, being in the negative zone.
Typically, a CMF value below zero can be interpreted as an indicator of weakness in the market. A negative CMF reveals that the flow of <a href="https://newslinker.co/category/finance/" data-wpel-link="exclude" rel="noopener noreferrer nofollow">money</a> entering the market is volume-weighted towards selling. Continue Reading: <a href="https://en.coin-turk.com/bonk-coins-recent-price-drop-and-technical-analysis/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/bonk-coins-recent-price-drop-and-technical-analysis/</a>

Bonk Coin’s Recent Price Drop and Technical Analysis

Table of Contents

COINTURK NEWS

Other articles published on Dec 23, 2023

Merry Christmas, Legends!

The Bulgarian Prosecutor’s Office Clears Crypto Lender Nexo!

Paxos To Launch New Stablecoin, USDP, On Solana After Shutting Down BUSD

Just In: Central Bank of Nigeria (CBN) Nullifies Banking Restrictions On Crypto Players

MKR Price Prediction: Will MKR Cross Prompt Barrier of $1400?

SEC Tenders Apology Over DEBT Box Case

Join our free newsletter for daily crypto updates!