Market
Will Bonk (BONK) Bulls Come to its Aid?
The value of the Solana-based meme coin Bonk (BONK) has witnessed a steep decline over the past week. Exchanging hands at $0.000021 at press time, BONK’s price has fallen by 24% in the past seven days.
This decline has caused BONK’s price to fall to the critical support level of the descending triangle pattern within which it has traded since May. Readings from some of its key technical indicators hint at the possibility of a further drop below this level.
BONK Bulls May Not Be Able to Defend Support
BONK’s one-day chart readings show that the altcoin has trended within a descending channel since May 29. At its current price, BONK’s value has since fallen by 42%.
This pattern appears when an asset’s price forms a series of lower highs and a horizontal support level. It confirms that the bearish trend will continue once the price breaks below the horizontal support level. At press time, BONK trades at this support level of $0.000021.
Some of BONK’s key technical indicators assessed on a daily chart confirm the possibility of a break below this level and a continuation of the downtrend.
For example, BONK’s Relative Strength Index (RSI) is at 36.35 and in a downtrend as of this writing. This indicator measures an asset’s overbought and oversold market conditions.
Read More: How to Buy Solana Meme Coins: A Step-By-Step Guide
It ranges between 0 and 100, with values above 70 suggesting that the asset is overbought and due for a correction. In contrast, values below 30 indicate the asset is oversold and may soon witness a rebound.
BONK’s RSI value of 36.60 indicates significant selling pressure in the meme coin’s market. It shows that market participants have sold more of their holdings than they have bought new tokens, putting downward pressure on the altcoin’s price.
BONK Price Prediction: Is a New Low on the Horizon?
The setup of BONK’s Moving Average Convergence/Divergence (MACD) indicator confirms the bearish bias toward the meme coin. As of this writing, the MACD line (blue) rests below the signal (orange) and zero lines.
When an asset’s MACD line falls below the signal line, it suggests that its price momentum is decreasing and that a continued decline is imminent. A further cross below the zero line confirms that the downtrend is strong, as the shorter-term moving average falls further below the longer-term moving average. Traders interpret this bearish signal as a sign to exit long and take short positions.
If BONK bulls fail to defend the support level, the meme coin may fall to $0.000012. This represents a multi-month low that BONK last traded at on April 12.
Read more: Best Upcoming Airdrops in 2024
However, if market sentiment shifts from negative to positive and BONK witnesses a spike in accumulation, this may drive its price up toward $0.000025.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Will Notcoin Price Break This Key Resistance?
Like other altcoins in the market, Notcoin (NOT) has seen a price increase in the last 24 hours. Within the period mentioned, NOT has jumped by 8% while its volume has surged 85%, indicating growing interest in the Telegram coin.
With market volatility at a high level, Notcoin faces a crucial momentum that could determine its short-term movement. If NOT fails to break through this key resistance, it risks facing a significant correction that may send its price tumbling.
Notcoin Encounters Challenges
Notcoin is currently trading at $0.0078, still 73% below its all-time high. Despite recent gains in price and volume, which suggest a potential rally, the 4-hour analysis indicates the token could face challenges as it targets $0.011.
The 4-hour chart shows that Notcoin is working its way toward $0.0080, but this level has previously acted as resistance, where the coin faced rejection. If Notcoin fails to break above this price level, it could see a 10% correction. In this case, its value might drop to $0.0072.
Read more: 5 Top Notcoin Wallets in 2024
An evaluation of Notcoin on the daily timeframe shows its Relative Strength Index (RSI) remains below the neutral 50.00 mark. The RSI is a momentum indicator that tracks the speed and size of price changes.
If the RSI moves above the midpoint, it signals bullish momentum and a potential price increase. Conversely, a decline in the RSI suggests weakening momentum.
For Notcoin, the RSI is rising but still below the signal line, indicating the uptrend is uncertain. The token’s upward movement will likely remain shaky unless bulls apply more pressure to push the price higher.
NOT Price Prediction: Rally Could Stop
Furthermore, the Fibonacci retracement indicator provides insights into NOT’s next movement. From a short-term perspective, bulls might try to break above $0.0085. However, around the same region, Notcoin began a decline that pulled it down to $0.0072 on September 6.
As such, that region is a supply zone that requires notable buying pressure to surpass. Currently, it does not appear that Notcoin has the notable capital flow to keep the upswing going.
Read more: Notcoin (NOT) Price Prediction 2024/2025/2030
In a highly bearish scenario, Notcoin’s price could drop to $0.0072 and possibly as low as $0.0069. On the other hand, if the token manages to break above the $0.0080 and $0.0085 resistance levels, it could potentially surge to $0.011.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Why 2024 Altcoin Season Could Fuel a Rally in These 6 Tokens
Crypto investors and analysts support that the 2024 altcoin season may have just started, drawing signals from multiple fundamentals, including Bitcoin’s (BTC) sustained foray above $63,000.
The optimism comes after the Federal Open Market Committee (FOMC) decided a 50 basis points interest rate cut in September, suggesting the US economy is in a good place.
Crypto Banter Founder Highlights Tokens Primed for Altcoins
Crypto Banter, a popular YouTube channel with over 1.08 million subscribers, says the 2024 altcoin season is beginning. Its founder, Ran Neuner, cites the Federal Reserve’s (Fed) interest cut on Wednesday, increasing global liquidity and the all-time high seen in the money market funds. With this, he lists six tokens that are best positioned to rally if the altcoin season takes off.
SUI
The analyst starts by highlighting Sui (SUI) as a standout token, noting its rising prominence in the market, even posing a threat to Solana (SOL). SUI has been making headlines with major partnerships, including Circle’s USDC integration. Grayscale also recently launched a Sui Trust, which has driven a significant increase in both price and trading volume.
Ran Neuner believes these strong fundamentals position SUI for success in the short term, especially if an altcoin season unfolds.
FTM
The analyst also highlights Fantom (FTM) as a promising altcoin, noting its strong price performance. FTM has gained attention after recent internal developments, including the rebrand to Sonic Labs in August.
The rebrand has sparked renewed investor interest, positioning Fantom for further growth. Sonic Labs is building on this momentum with the launch of Sonic Gateway, a decentralized bridge that enables secure ERC-20 token transfers between Ethereum and Sonic.
This development has provided a boost for FTM, which has risen by 10% since the Thursday session began, trading at $0.33, according to BeInCrypto data.
IMX
ImmutableX (IMX) is also on Crypto Banter’s list of altcoins poised to rally on a possible alt season. The gaming token has broken above a falling wedge pattern, effectively confirming a reversal. Based on this breakout, analysts expect a bullish wave.
Read more: What Is Altcoin Season? A Comprehensive Guide
AERO
The portfolio rebalancing also considers Aerodrome (AERO), as the central trading and liquidity marketplace continues to thrive on Base L2. The underlying fundamental for AERO is Aerodrome’s MetaDEX model, which combines the best aspects of previous decentralized exchange market leaders.
“When we assess Aerodrome’s implied outcomes through a model, it’s evident that token inflation, in itself, is not inherently bad. Instead, emissions are just one input into an economic model—a cost that can be managed and overcome,” a DeFi researcher echoed.
SOL
If the assumption proves accurate, Solana (SOL) may be gearing up for a strong rally, given its history of delivering impressive gains during altcoin market surges. Solana has often outperformed when broader altcoin momentum picks up, making it a key player to watch.
Currently, SOL is trading at $141.53, marking a 10% increase in the last 24 hours, according to BeInCrypto data.
OM
MANTRA (OM) earns a spot on the analyst’s list due to the upcoming launch of its mainnet in October. This event is expected to be a major milestone for the project, as it will bring real-world assets (RWA) on-chain. The mainnet launch will be a crucial step in integrating traditional finance (TradFi) into the blockchain ecosystem, creating new opportunities for MANTRA’s growth.
Read more: How To Invest in Real-World Crypto Assets (RWA)?
Ran Neuner also highlighted several other tokens that could see strong rallies, including Arweave (ARV), THORChain (RUNE), Render (RNDR), Crown by Third Time Games (CROWN), and SuperVerse (SUPER). These tokens have posted steady, conservative gains despite recent market uncertainty, positioning them for larger increases if an altcoin season takes off.
However, Neuner advises investors to keep an eye on the Bank of Japan’s (BOJ) CPI and interest rate decision on Friday. He warns that if the BOJ raises rates, it could disrupt the current rally, potentially leading to a market reversal. On the other hand, if the BOJ cuts interest rates, it could reinforce the ongoing upward momentum.
“Don’t get overconfident. We need good CPI out of Japan tomorrow and for BOJ not to raise rates on Friday. September still has some potential liquidity drains so don’t lever up to the gills, just 8 more days until it is really up only,” GamesMasterFlex wrote.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Will NEIRO Price hit $0.17 soon?
After a brutal 45% plunge triggered by Binance’s actions, Neiro Ethereum (NEIRO) is making a remarkable comeback. The meme coin has surged by an impressive 51% in the past 24 hours, outpacing the broader meme market.
With a resurgence in demand for NEIRO, the meme coin looks poised to extend its gains.
Neiro Ethereum Makes Its Comeback
BeinCrypto reported that NEIRO saw a sharp 45% price drop on Monday after Binance listed a different token with the same NEIRO ticker on its spot and futures markets.
However, the broader market’s positive sentiment over the past 24 hours, fueled by the US Federal Reserve’s rate cut, sparked a strong recovery for NEIRO. At press time, the altcoin is trading at $0.11, up 51%, with trading volume surging 53% to $93 million.
This rally has significantly boosted the number of profitable NEIRO transactions. Santiment data shows the ratio of transaction volume in profit to loss is now 3.66, its highest since the token’s July launch. This means that for every transaction at a loss today, 3.66 have turned a profit.
Read more: Best Crypto To Buy Now: Top Coins To Keep an Eye on in September 2024
NEIRO traders remain bullish, with the altcoin’s funding rate at 0.01%, indicating higher demand for long positions among futures market participants.
NEIRO Price Prediction: Higher Demand May Push Token To $0.17
NEIRO’s Relative Strength Index (RSI) on the four-hour chart confirms the growing accumulation of the altcoin. At 59.07, this momentum indicator suggests market conditions are leaning toward buying rather than selling.
If buying pressure continues, NEIRO’s uptrend could persist, with the potential to rise another 46% and reach $0.17.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
However, if selloffs gain momentum, this bullish projection will be invalidated as NEIRO’s price may drop to $0.06.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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