Come join us Telegram channel to stay up to date with the latest news
The Honk price fell 35% over the past 24 hours, trading at $0.004224 as of 5:59 a.m. EST, while trading volume fell 19% to $5 million.
The sudden price drop is a blow to those who thought the new Solana meme coin HONK could potentially dethrone Bonk as the top player.
The Honk community remains confident that it can make a comeback and reach its previous all-time highest market cap of $25 million.
$Hoot looks good. At 25m. Now at 5m. Still active and the team is really good. Don’t let the goosecoin fade away #Solana pic.twitter.com/YKBMoNeoNt
— Golden Goose ???? $HONK (@Dobaggie) February 2, 2024
Still, the question remains: can it still reach Bonk’s level of success?
The Honk price is trading within a bullish pennant pattern
The Honk Price has gradually risen from the support level of $0.00183 to the resistance level of $0.0274. However, the bears seem to have taken control of the price at $0.0217, putting pressure and causing the decline to $0.004224.
Despite the decline, the price appears to be trading within the bullish pennant, indicating a likely bullish trend reversal for traders.
The price has also fallen below the 50-day Simple Moving Average (SMA), coinciding with the downward trend pressure.
The Relative Strength Index (RSI) is on a downtrend below the 50 center line level at 28, indicating intense selling pressure for the Honk price.
Horn Price Prediction: Bulls Looking for Support
The Honk price is currently in a downtrend, but still trading within the pennant limits.
If the bears continue to apply more pressure, the price could drop towards the $0.002 support level, creating a double bottom. The double bottom pattern could signal a potential bullish trend reversal as traders look to this pattern to add more buying positions.
However, if the bulls could change the trend and gain control, they could drive the Honk price to $0.013, which coincides with the pennant’s upper limit.
While traders look for access to Honk, investors looking for promising alternative cryptocurrencies with the potential for substantial returns may want to explore Sponge V2.
Sponge V2 launches on Polygon Network, the best crypto to buy
Did you miss Sponge V1’s 100X peak last year? If so, there is another opportunity for you to accumulate such returns Sponge V2which will soon be launched at major trade fairs.
????Only 3 days left! ????
Hurry and place your bets $SPONSE tokens now sooner #SPONGE V1 has been discontinued!
Withdraw your SPONGE V1 tokens from the exchanges and stake them via our website before February 5 to be able to claim them #SPONGEV2! ????#MemeCoin #Crypto #Web3 #To expand pic.twitter.com/uMWnJ7JPY9
— $SPONGE (@spongeoneth) February 2, 2024
Sponge V2 aims to emulate the success of Sponge V1 and even more. Sponge V1 gathered more than 13,000 holders and was listed on more than ten major exchanges, including Toobit, LBank and BitMart.
Its market cap reached $100 million and at the same time attracted major industry players such as Tron founder Justin Sun, who has expressed interest in trading meme coins and bought $SPONGE which is now worth around $90,000.
I have decided to start actively trading meme coins and promising projects through my public address. Please note that I will personally bear any potential losses from these trades, and any profits will be donated entirely to charity.
— HE Justin Sun 孙宇晨 (@justinsuntron) May 11, 2023
Additionally, the Sponge Team has announced the discontinuation of Sponge V1 and will migrate to Sponge V2 on Polygon.
???? Important project update! ????
Due to a malicious attack on the Sponge V1 token, we are moving all holders to Sponge V2 on February 5 at 11:00 PM UTC.
Please note that the $SPONSE V1 is stopped.
We strongly encourage all holders to withdraw their tokens from… pic.twitter.com/itZelxAL9V
— $SPONGE (@spongeoneth) January 31, 2024
All $SPONGE holders are now being transitioned to the more secure, efficient and cost-effective way to transact $SPONGE V2 on the Polygon network. This shift will be a big boost for the launch of Sponge V2.
????Only 3 days left! ????
Hurry and place your bets $SPONSE tokens now sooner #SPONGE V1 has been discontinued!
Withdraw your SPONGE V1 tokens from the exchanges and stake them via our website before February 5 to be able to claim them #SPONGEV2! ????#MemeCoin #Crypto #Web3 #To expand pic.twitter.com/uMWnJ7JPY9
— $SPONGE (@spongeoneth) February 2, 2024
Buy Sponge now, participate in their games and get rewarded
SpongeV2 brings new features play to earn (P2E) gaming as the best, aimed at attracting new investors and players.
The team also anticipates the launch of “Sponge Racer,” a game that will include both a free and a paid version.
You can also stake and bridge your $SPONGE tokens to earn $SPONGEV2, with an annualized return (APY) of 237%. Currently, more than 6 billion $SPONGE tokens have been staked and bridged.
YouTuber Alessandro De Crypto is optimistic about the growth of the project. He has invested in it himself and believes Sponge V2 is ready to repeat the successes of its predecessor.
To participate, visit the official Sponge V2 website and connect your digital wallet to exchange your ETH or USDT for V2 tokens. You can also buy directly with your bank card.
Related news
New Crypto Mining Platform – Bitcoin Minetrix
- Controlled by Coinsult
- Decentralized, secure cloud mining
- Earn free Bitcoin every day
- Native token now on pre-sale – BTCMTX
- Staking Rewards – Over 100% APY
Come join us Telegram channel to stay up to date with the latest news