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Reading: Bitcoin’s Price Impact: Insights on SHIB, BONK, and FLOKI Coins
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COINTURK NEWS > Technical Analysis > Bitcoin’s Price Impact: Insights on SHIB, BONK, and FLOKI Coins
Technical Analysis

Bitcoin’s Price Impact: Insights on SHIB, BONK, and FLOKI Coins

In Brief

  • Bitcoin's fluctuations affect the performance of altcoins like SHIB, BONK, and FLOKI.

  • SHIB's price trend is closely linked to Bitcoin's upcoming performance.

  • BONK's recent ETF application indicates potential market interest and sentiment.

Ömer Ergin
Ömer Ergin 4 months ago
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The price of Bitcoin (BTC) $105,601 hovered around the $102,000 mark while altcoins generally continued to show negative trends. Despite the fluctuations in BTC pricing pushing altcoins to last year’s lows, the arrival of Trump might lead to significant events in the medium and long term. This raises the question: what are the forecasts for SHIB, BONK, and FLOKI Coins?

Contents
Shiba Coin AnalysisBONK and FLOKI Coin Insights

Shiba Coin Analysis

For a short period, Trump Coin briefly surpassed Shiba Coin in market capitalization, even outpacing TON Coin. However, as the excitement surrounding Trump Coin faded, Shiba Inu (SHIB) reclaimed its position as the second-largest meme coin. Nonetheless, its price has dipped below the critical support level of $0.00002077 that we frequently highlighted.

If SHIB continues to decline and closes below $0.00001892, the support level at $0.0000155 may be tested. This scenario hinges on BTC’s performance in the coming days, indicating potential buy targets in extreme sell-offs. Conversely, if the parallel channel support is regained, a return to the channel’s midpoint at around $0.0000249 could be anticipated.

BONK and FLOKI Coin Insights

Recently, BONK Coin saw its first ETF application. Like Trump Coin, BONK was included in this crypto ETF application. Its relevance is tied to the resurrection of the Solana $158 network, giving it a significant standing within the community.

BONK Coin is currently just above the support level of $0.0000290, and as long as this level holds, a new local dip near $0.0000216 is not expected. However, if the support is lost, further dips down to $0.00001833 could occur. Any newly approved altcoin ETF is likely to foster positive sentiment, making this year interesting for BONK Coin.

In a market recovery, BONK Coin’s targets are $0.00003401 and $0.0000392, followed by resistance at $0.0000447.

Excitement is rising in the RWA sector, and the FLOKI team may capitalize on these developments with tangible steps related to its RWA initiative. Currently, the TOKEN venture hasn’t shown significant impact from this sector. However, we may soon see partnerships for various types of trials.

The support level at $0.0001262 is maintained, but this may be tested depending on BTC’s performance. In an optimistic scenario, targets of $0.0001624 and $0.0002113 are expected.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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Ömer Ergin 23 January, 2025 - 10:05 pm 23 January, 2025 - 10:05 pm
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