- Big Dog Fink has retraced nearly 30% from local highs.
- A bullish reaction from nearby support zones is expected.
As an analyst with over two decades of experience in the market, I have seen countless tokens rise and fall like waves in the ocean. Big Dog Fink [BINK], being a newcomer on the Raydium [RAY] exchange, has certainly caught my attention with its meteoric 193.9% rally in a single day. However, as I’ve often said, “What goes up must come down,” and BINK seems to be following that rule quite diligently.
Big Dog Fink token [BINK] exclusively transacts on the Raydium [RAY] decentralized marketplace under the BINK/SOL pairing. In a 24-hour period, it experienced a significant surge of 193.9%, following a peak at $0.00517. After reaching this maximum value, there was a 27% retracement.
Currently, the total number of BINK tokens in circulation stands at approximately 148.94 billion. At present market rates, this equates to a market capitalization of around $460 million. However, the CoinMarketCap team has not been able to confirm the project’s circulating supply.
As a crypto investor, I jumped on board when this altcoin started trading on November 20th. It’s been an incredible ride since then, as its value has surged more than 16 times over from the early hours of November 21st. However, it’s important to remember that small, relatively new coins often experience significant gains before cooling off and returning to relative obscurity.
Will the future of Big Dog Fink be positive, with growing interest on social media platforms? Given the abundance of meme and utility tokens currently in circulation, many of which have withstood both the bear market and the passage of time, it’s a question worth considering for Big Dog Fink as well.
BINK hasn’t earned this particular accomplishment yet, as it’s up against numerous other tokens, all trying to grab the public’s interest and attract financial investments.
Big Dog Fink trades at a strong support zone
In simpler terms, the Fibonacci levels highlighted $0.00277 and $0.00211 as potential areas where buyers might trigger a response. If sellers take control, the 50-period moving average, which gives more weight to recent trading volume, could act as a barrier if prices bounce back.
On the hourly chart, the Moving Average Convergence Divergence (MACD) had plunged sharply following a bearish cross-over that occurred 12 hours ago. This suggested a strong downward trend or bearish movement in the market.
On November 26th, the area around $0.00268 witnessed a rise in BINK’s value, potentially halting the downward trend in the upcoming hours. However, traders should also anticipate that BINK might reverse its gains and head towards approximately $0.00126.
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2024-11-28 04:07