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BONK price action spells trouble after becoming an overnight crypto sensation
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Bonk token launched on December 25, 2022
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The cryptocurrency rose by four-digit percentages after the launch
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BONK price has cooled and trades on a descent and could claim lower levels
Crypto has always treated its fans with twists, turns, and surprises. The crypto community loves it this way, for it becomes a time to make quick bucks as the rest of the market sleeps. In 2022, we were treated to a wild launch of the ApeCoin. Before the dust settled, Optimism airdrop came with a thud! The year couldn’t end in a better way for crypto fans than it did with the Bonk token (BONK/USD).
If you are a fan of meme tokens, then BONK does not miss your watchlist after a heroic entry into the crypto space. Launched on December 25, 2022, BONK has been a sensation, jumping by four digits percentage in price. The token also dominated social trading platforms. Analysts credited the popularity of the newly dog-themed token to the Solana community. The former is based on the Solana network.
Nonetheless, if history is indeed a good teacher, then we should learn that the gains may not last forever. We have seen highly hyped launches boosting token prices, only for them to crash thereafter. BONK may not be an 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 board early, don’t do it now. Technical pointers show BONK could fall further.
BONK on a decline as price finds minor support
BONK/USDT Chart by TradingView
From the 4-hour chart outlook, BONK trades nervously at a support zone. The highs to the upside have been lower, coinciding with a declining price. Buy-side volumes have improved slightly at the support, but not sufficient to boost BONK’s price.
BONK price prediction
As the hype around the BONK launch dies, the price could continue falling. Investors may look at BONK as an overvalued asset. Profit-taking and panic selling may also be at play and force a bearish breakout.
Where to buy BONK
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Polkadot prediction as price embarks on a relief rally from the $4.2 bottom
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Polkadot had the second-highest development activity in 2022
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DOT price has heavily disappointed since the 2021 ATH but has recovered lately
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DOT faces resistance at $5 and may correct downwards
Polkadot (DOT/USD) buyers are struggling to break above $5. A technical outlook shows the cryptocurrency has been rejected at the building resistance for the second day. However, Polkadot fans should be at least excited by a relief rally that has seen the price recover from the $4.2 bottom.
If time is a true judge, then the Polkadot price has disappointed heavily. The cryptocurrency touched a high of nearly $56 in November 2021 and has since come crumbling. With a single-digit price now, DOT is a shell of its former self.
Although 2022 may have ended on a low note for DOT buyers, enthusiasts should be happy with the blockchain’s activity. Santiment data indicates that the blockchain had the highest development activity in the year after Cardano. Polkadot was followed by Cosmos blockchain, Ethereum, and Internet Computer in the top 5. That shows that the decline in the price of the native token wasn’t in any way signalling a falling popularity of the protocol. Rather, it was due to a sustained bearish market that has hit every cryptocurrency.
If you are considering buying DOT, you may have to wait until the throat clears. For short-term investors, a break above $5 is the needed confirmation.
DOT price facing resistance at $5 and 50-day MA
Based on the price action, DOT’s long-term momentum is still bearish. The short-term is bullish, with the RSI now in the bullish zone. However, DOT is facing resistance at the 50-day MA. The moving average coincides with the $5 resistance level.
What happens next for DOT?
A potential correction is looming for the DOT price at the current level if bulls do not recover above $5. If a breakout occurs, DOT could set the next target above $7, with minor corrections at $5.6 and $6.
Where to buy DOT
eToro
eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.
OKX
OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.
The post Polkadot prediction as price embarks on a relief rally from the $4.2 bottom appeared first on CoinJournal.
Bitcoin could tank further but you might be excited by this Bloomberg prediction
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Bloomberg report projects bullish Bitcoin in 2023
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Analysts bank on recession dynamics and central banks’ actions as bull triggers
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BTC trades on a short-term recovery, with $19,000 in sight
Investors may hold their breath, hoping that 2023 will turn out to be a good year for crypto and stocks alike. But even with these hoped-for expectations, market analysts have warned that 2023 could be the year of a global recession. With the economic depression, notable recoveries may be hard to come by. But Blomberg analysts think a recession would be a bullish trigger for Bitcoin price (BTC/USD). How?
In its cryptocurrency outlook, analysts say Bitcoin will come out ahead in a potential economic shutdown in 2023. Even so, the prediction is not outright. According to the report, Bitcoin could slide to $12,000 or even $10,000. From there, it will stage a strong comeback.
Additionally, the Bloomberg report highlights policy easing in 2023 as a key bullish trigger for Bitcoin and cryptocurrencies. The analysts say central banks could be forced to ease policy on the back of deflationary outcomes. If this happens, the use case of Bitcoin as a digital version of gold will strengthen. The analysts point out that Bitcoin will start performing like the US long-dated treasury bonds and metal. The scenario will be bullish for the digital asset.
Bitcoin price movement as moving averages join the support
Technically, BTC is mildly bullish and trades along a short-term ascending trendline. The price has, for the first time since November, moved above the 50-day moving average. A potential 20-day MA crossover of the 50-day MA could heighten the recoveries. The RSI reading has safely surpassed the midpoint reading of 50, indicating that buyers are in control.
What is the likely target for BTC?
With the upside, Bitcoin now trades below an overhead and crucial resistance at $19,000. Should the current upside continue, the level is the target zone for buyers. Accelerated recoveries will depend on the prevailing crypto sentiment.
Where to buy BTC
eToro
eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.
OKX
OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.
The post Bitcoin could tank further but you might be excited by this Bloomberg prediction appeared first on CoinJournal.