Despite being 60% off its highs, $BONK is starting to look ready for an upward break of its current range as traders gear up for another leg higher.

The cryptocurrency had crashed 70% from its all-time high price set in December but recently set a range as it straddles the 50-day MA.

With a breakout imminent, traders are deciding if they should jump back on the hype train or look for newly emerging tokens that can potentially provide higher profits.

$BONK has set itself up within a range between $0.0000178 and $0.00000956 as traders try to anticipate its breakout direction.

The cryptocurrency surged higher through November and December to deliver 2023’s most memorable meme coin moment, allowing the token to climb to a market cap high above $1.5 billion.

Since peaking, $BONK has been on a downward trajectory as it dropped by over 70% through the rest of December to find support at $0.00000956 in the first week of January.

The support here was provided by a .786 Fib Retracement, and it allowed $BONK to bounce into the upper angle of the range at $0.0000178, supplied by a bearish .382 Fib Retracement;

Looking ahead, the breakout direction of the current range will dictate the next market movement over the coming weeks.

Most traders are leaning toward an upside break of the $0.0000178 resistance. In this case, higher resistance is located at $0.00002, $0.0000232 (bearish .618 Fib Retracement), $0.000025, and $0.0000270 (bearish  786 Fib Retracement).

If the buyers can continue to drive prices beyond $0.00003, higher resistance is located at the all-time high of $0.0000351.

If the bullish momentum allows $BONK to create fresh highs, added resistance is found at $0.00004, $0.0000433 (1.272 Fib Extension), $0.00005, and $0.0000543 (1.618 Fib Extension).

On the other side, if $BONK breaks the lower angle of the range and falls below the $0.0000095 support, added support is found at $0.00000770 (100-day MA), $0.000005, and $0.00000392.

While $BONK might still kickstart a recovery, traders suggest that an upside break would still lead to muted returns compared to other alternative options.

With $BONK sitting at an $800 million market cap, it would need to hit $1.6 billion to allow traders entering today to earn a 2x return.

As a result, traders are turning their attention to newly emerging projects capable of delivering 10x returns.

In particular, $SPONGE is turning heads as it raises an impressive $4 million in its staking contract for its V2 upgrade.

The next incarnation of $SPONGE has attracted over $4 million worth of assets into its V2 staking contract as supporters get positioned for the V2 upgrade.

$SPONGE was one of the most successful meme coin projects in 2023 after surging from a $0 million market to reach as high as $100 million and delivering a 100x return.

The project recently announced that it’s back, bigger, and better than ever as it prepares to absorb the damp in 2024 and reproduce the 100x return.

$SPONGE isn’t hosting a regular presale for the V2 upgrade. Instead, it’s opened a stake-to-bridge utility where users have to stake their V1 $SPONGE to earn an equivalent amount of V2 $SPONGE.

All V1 $SPONGE staked in the smart contract will be permanently locked to help support the transition away toward V2 $SPONGE when it launches.

Furthermore, the team intends to introduce a new play-to-earn ecosystem, bringing utility to the meme coin.

There are just two ways to get positioned in the $SPONGE re-launch;

1. Buy and stake Sponge V1 through the Sponge.vip website’s buy widget.

2. Stake held Sponge V1 through the Sponge.vip website.

The more V1 $SPONGE staked, the more V2 earned. Furthermore, those who keep the $SPONGE token staked following the launch can continue earning a minimum of 40% APY, adding further incentive to keep holding.

Once the staking period ends, participants can claim their V2 $SPONGE from the website.

Note: Those currently staking $SPONGE in the V1 contract must migrate to the V2 contract to participate.

Overall, $SPONGE is setting the foundation to deliver the first 100x meme coin return in 2024, and the impressive amount of staked assets is showing the hype is building.

Buy and Stake $SPONGE

Disclaimer: We advise readers to do their own research before interacting with any featured companies. The information provided is not financial or legal advice. Neither CaptainAltcoin nor any third party recommends buying or selling any financial products. Investing in cryptoassets is high-risk; consider the potential for loss. CaptainAltcoin is not liable for any damages or losses from using or relying on this content.

The post Is $BONK Ready To Break Upwards Of Current Range After 70% Crash, Or Is This Alternative A Better Option For Higher Gains? appeared first on CaptainAltcoin.

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