Bonk, once a rising top 100 cryptocurrency, is now sincerely struggling to hold its spot, down 27% this month and 5.38% today.
But quick-footed investors are adapting, with market liquidity rotating into trending presale crypto, Meme Kombat, which is nearing the $8 million total raised milestone.
Bonk Retraces 66% From ATH But Traders Remain Optimistic
Bonk’s price data leaves much to be desired, with a $78 million 24-hour trading volume which is down 30.29% today.
Its bearish price movement has also pushed it below the 50-day EMA on the hourly chart and a trend line support.
The current hourly candle is looking to reclaim the support, but a close below could spell significantly bearish momentum in the near future.
It has also experienced a substantial 66% pullback from its December ATH of $0.00003419.
Nevertheless, Bonk’s daily chart recently bounced at a key support level, forming a double-bottom chart pattern.
Typically, a double bottom is a strong indicator of a bullish reversal, although market participants should remain aware of the strong resistance that Bonk has faced at $0.000011 in recent days.
Nevertheless, prominent analysts remain bullish on Bonk. One of those is TitaniumTrader, recently speculating Bonk could push toward $0.000017 after a trend line resistance breakout on the 4-hour chart.
Meanwhile, Qudrat Nasiri noted the double bottom formation mentioned above, speculating the subsequent bounce could catapult Bonk toward $0.0000236. Based on its current price of $0.00001149, this equates to a 106% increase.
Nasiri also highlighted the trend line resistance break, alluding that this confluence could dramatically bolster Bonk’s chances of growth.
Another analyst bullish on Bonk is Mirage, speculating that the Bitcoin “bottom is in” at $38K and that this could enable altcoins to start climbing.
Mirage believes Bonk will start to claim “higher support levels” and says this is when “the climb begins.”
The analyst then illustrated key levels on the Bonk price chart, predicting it could climb to highs of $0.000019 on the 4-hour time frame.
Nevertheless, Bonk’s 66% decline from its ATH illustrates the high-risk nature of the asset and meme coins in general.
With that in mind, many traders seek a diversified portfolio. One emerging project while Bonk and other meme coins struggle is Meme Kombat, a popular presale with unprecedented GambleFi utility.
Trending P2E Staking Presale Meme Kombat Surges Toward $8M
Meme Kombat is a new presale cryptocurrency offering a compelling GambleFi use case. The project lets users bet on AI-generated battles between meme coin characters using the $MK token.
It incorporates different seasons, each packed with new, trending characters, battle types, rewards, and more.
Meme Kombat’s fights will take place in its augmented battle arena, offering an immersive and fun-filled way for users to gamble and earn crypto.
Adding to its exhilarating use case, the project offers different game modes like single-player, multiplayer, and side-betting.
There is also a staking mechanism, providing a 122% APY. However, this will fall as more tokens are staked.
The staking mechanism is a cornerstone feature of Meme Kombat’s tokenomics, rewarding its community while encouraging long-term holding. So far, a staggering 80% of $MK tokens are staked, indicating deep-rooted belief in the project’s long-term potential.
One of the reasons investors may be optimistic about Meme Kombat’s long-term potential is its adherence to transparency and security.
The project’s team is doxxed, with its founder’s details available on its website. Moreover, the Meme Kombat smart contract has been audited, removing the risk of a rug pull, which is a prominent concern for new meme coins.
