- Bonk Inu’s Exchange Art acquisition may boost token demand and market sentiment.
- The token’s price is trapped in a bearish channel, testing key support levels.
- MACD and RSI indicators show waning bullish momentum for Bonk Inu.
Market analysts predict that Bonk Inu’s acquisition of the multichain art marketplace, exchgART, will majorly affect the NFT field and the broader creator economic framework. As many believe, the digital art market entry will allow Bonk Inu to begin attracting artists and crypto enthusiasts, who will increase token demand, which could boost its price. Although the purchase has caught some community members off guard, speculators closely monitor the situation for a possible rally in BONK’s price.
A Move to Empower the Creator Economy
According to reports, the acquisition seeks to maintain the cultural atmosphere of art creation, collecting, and appreciation on the blockchain. It closely follows their belief in the decentralized ecosystem by helping the creator economy. This move also includes BONK announcing that artist and entrepreneur JTLissPhotoArt will lead the new Exchange Art team.
This change in leadership represents a new and energetic approach, which the platform may need for its growth and success. While the transition has started, Bonk Inu has taken it upon itself to assure its community that it makes perfect sense and is guaranteed to go smoothly.
The development team is still trying to get the new acquisition up and running on the technical and operational sides. This planning will probably minimize the disruptions and ensure that the features and improvements will continue rolling out smoothly for the rest of this month.
Will Bonk Inu’s Acquisition Lead to a Price Surge?
Following news of the Exchange Art Acquisition, the BONK price was uneventful at the moment. In the last 24 hours, it has fallen almost 4%, trading at $0.00001369. It shows no signs of an upswing, exhibiting a massive decline in daily trading volumes by 36%, now at $100.16 million. But despite the dog-themed coin’s loss of 76% since its previous all-time high, the community sentiment is vibrant.
Zooming on the daily chart, Bonk Inu has experienced significant price fluctuations, primarily moving through a downward channel. The token has been trading between the $0.000015 and $0.000013 levels, which have shifted from support to resistance. This pattern indicates that the market still lacks sufficient bull power to break above the resistance.
The token’s price currently sticks to the above-mentioned bearish channel, but if it manages to stay over the $0.000015-$0.000013 zone, it could escape this range and signal a shift in market sentiment. Should the trend break above these levels, that would indicate the end of the downtrend.
As a result, the next key resistance area would be at the 23.60% Fibonacci level, $0.00002071. However, should a move past this level occur, the next level in motion may take it to the 50% Fibonacci level of $0.00003394, indicating bullish momentum. Conversely, the cryptocurrency’s price would stay in the current range if these levels were not breached.
Besides, momentum indicators such as the MACD suggest that although the blue line is above the signal line, the margin is diminishing, thereby slowing bullish momentum. Moreover, the RSI stands at 55.26, suggesting a neutral market, but the trend shows a weakening bullish sentiment.
