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The Bonk price soared 31% in the last 24 hours to trade at $0.00001294 as of 4:44 a.m. EST with trading volume surging 319% to $379 million.

BONK Price Trades The Descending Triangle

BONKUSD Chart Analysis. Source: Tradingview.com

The BONK price is trading within the support zone at $0.00001286, indicating a shift upwards.

Following rejection at $0.00003552, bears took control, exerting downward pressure on the price and causing it to retreat to the established support level at $0.00001342.

This descent has formed a descending triangle pattern, suggesting a potential bearish trend continuation if the price breaks below the support zone. However, if the bulls sustain the bullish momentum, they could propel the price above the upper boundary of the triangle.

The BONK price appears to find support from the 50-day Simple Moving Average (SMA), providing some respite for the bulls.

However, a break below the 50-day SMA could pave the way for a sustained downward trend, with bulls potentially regrouping around the $0.000005608 level.

The Relative Strength Index (RSI) reflects the prevailing bearish sentiment, as it has declined from 87 to 40, indicating significant bearish pressure in the market.

The Bonk Price Prediction

The existing support zone for BONK appears robust, indicating resilience. This provides an opportunity for bulls to regroup and push the price upward to the $0.00003552 resistance level, representing a potential 180% increase from the current price.

If bearish pressure persists, there is a risk of BONK descending below the lower boundary of the descending triangle, potentially reaching the support zone at $0.000005608.

Meanwhile, investors looking to diversify should consider Sponge V2, which is attracting investors because of its remarkable 100X surge with Sponge V1.

Sponge V2 Raises Over $3.6 Million, Geared Up For 100x Returns

SPONGEV2 is attracting considerable interest following its successful staking and bridging of over $3.6 million in funds. The project is targeting a 100X return on investment, in line with the achievements of Sponge V1.

#SpongeV2 is heating up! 🔥🧽$SPONGE #Staking #Web3 #Alts pic.twitter.com/5IirjXryBR
— $SPONGE (@spongeoneth) January 8, 2024

You can quickly buy and stake $SPONGE using the provided widget, providing you with an opportunity to receive a bonus in V2 tokens at a token price of $0.000808.

Sponge V1 managed to reach a market capitalization of $100 million, securing listings on over ten centralized exchanges, including, among others, LBank, Toobit, CoinW, BTCEX and BitMart. Further, it has over 13,000 holders with the support of over 30,000 social followers.

🚀 Missed Sponge V1’s 100x Success?
With an even larger campaign for #SpongeV2, we’re coming back stronger than ever! 💪
Hurry and stake your $SPONGE tokens today! 🔥$SPONGE #Crypto #CryptoStaking pic.twitter.com/QIo0RMz4LT
— $SPONGE (@spongeoneth) January 6, 2024

Justin Sun Holds $SPONGE

After revealing in May 2023 that he plans to trade meme coins and promising projects, Justin Sun, the founder of Tron, fueled the bullish sentiment among investors and traders, moving over $14 million from the Binance exchange.

I’ve decided to begin actively trading meme coins and promising projects through my public address. Please note, I will personally bear all potential losses from these trades, and any profits made will be donated entirely to charity.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) May 11, 2023

Data from crypto security firm PeckShield reveals a transfer of 6,166 ETH from Binance to a wallet associated with Justin Sun, whose value is $14.7 million at the current market ETH price. Sun currently holds $SPONGE worth some $90K.

#PeckShieldAlert The address 0x9FCc…19Fe (Suspicious #JustinSun related) has withdrawn 6,166 $ETH (worth ~$13.8M) from #Binance pic.twitter.com/8jGbcwRvzg
— PeckShieldAlert (@PeckShieldAlert) December 26, 2023

A Chance to Earn Passive Income

The SpongeV2 platform provides a staking feature that allows you to stake your $SPONGE tokens via the token’s website. Upon staking, your tokens will be automatically bridged. At launch, you will receive SpongeV2 tokens along with an attractive 363% annual percentage yield (APY).

You can also engage in the play-to-earn (P2E) free and premium versions. The premium version lets you use $SPONGEV2 tokens to buy extra game credits, hence increasing your opportunities to earn additional $SPONGE.

Jacob Bury, a crypto YouTuber with over 26k subscribers, details how to earn from SpongeV2 in his recent video. He is optimistic about the prospects of SpongeV2 and sees a potential 10X pump on launch.

Buy Sponge V2 tokens by connecting your Web3 wallet to the official Sponge V2 website to swap your ETH or USDT for v2 tokens. You can also use your bank card to buy directly.