Cryptocurrency analyst Altcoin Sherpa made important warnings about Bonk (BONK), one of the notable but volatile meme coins of the crypto market. Sherpa’s analysis shows that Bonk’s current uptrend is likely to end and a major decline may be on the way. However, the analyst also calls for investors to be careful, highlighting the risks associated with this type of meme coins. Details are in our news…
BONK is trading at $0.00001232, up nearly 980% since November 8. As we previously reported, meme coin reached record levels during this period.
However, Altcoin Sherpa predicts a significant decline in the value of Bonk (BONK). However, now there are warnings that shorting meme coin trading can be risky. found, states that it is “like stepping in front of a fast train”. He also adds that the use of leverage should be avoided and advises investors to closely monitor market trends and not make hasty decisions.
“BONK: This will continue to accelerate until there is some kind of peak. I logged in a few days ago and the rally continues; I took half of it yesterday and will continue to take profits during this trip. “Make no mistake, it will fall sooner or later.”
NEWS CONTINUES BELOW
According to the analyst, chart analysis reveals the possibility that BONK could decline to previous support levels around $0.0000110 or $0.00000752. This could pose a potential risk for investors.
The analyst also updated his forecast for Solana and predicted a new rise for the altcoin.
“LEFT: there is an upside breakout here, I like to see that. $80 is next (it definitely should be) and after that the next key level I’m looking at is $116. “It is still one of the strongest coins on the market.”
Finally, Altcoin Sherpa predicted that the layer 1 blockchain Avalanche (AVAX) could soon rise by more than 42% of its current value.
“AVAX: I think this current zone is a bit of an interesting retracement point, but ultimately I think we will see higher highs in the medium term. I’m thinking $40 or something like that. “It is interesting to see that strong 2021 chains like SOL and AVAX are doing quite well while others are dying.”
You can follow the current price movement here.