Solana's Own Meme Coin, Up 5700% This Year, Is 'Heading Into A Correction Period:' Crypto Analyst
Portfolio Pulse from Mehab Qureshi
BONK, a meme coin associated with Solana, has surged 5700% since the start of the year, outperforming other meme cryptocurrencies like Dogecoin and Shiba Inu. However, a crypto analyst named Ali has indicated that BONK is showing a sell signal on the TD Sequential indicator, suggesting a potential correction period of one to four weeks. BONK recently hit an all-time high of $0.000011, and KuCoin has introduced a BONK/USDT trading pair. Currently, BONK is trading at $0.000011, down 3.21% in the last 24 hours.
December 11, 2023 | 1:00 pm
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BONK has seen a significant rise but is now expected to enter a correction period based on technical analysis by a crypto analyst.
The TD Sequential indicator is a technical analysis tool used to predict price movements. Since it is showing a sell signal for BONK, this could lead to a decrease in its price in the short term as traders may take this as a cue to sell off their holdings.
CONFIDENCE 70
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
Dogecoin has seen a moderate increase of 37% this year, but there is no specific indication of an immediate impact based on the article.
The article mentions Dogecoin's performance in comparison to BONK but does not provide any specific analysis or predictions for DOGEUSD that would suggest an immediate impact on its price.
CONFIDENCE 60
IMPORTANCE 30
RELEVANCE 50
NEUTRAL IMPACT
Shiba Inu has increased by 19% this year, and similar to Dogecoin, the article does not suggest any immediate price impact.
Shiba Inu's performance is mentioned for comparison purposes with BONK's surge. The article does not provide any analysis or predictions specific to SHIBUSD that would affect its price in the short term.
CONFIDENCE 60
IMPORTANCE 30
RELEVANCE 50