Meme Coins Volatility: Bonk Breaks Out, Useless Coin Stalls
The meme coin market has been volatile in recent days, with three tokens experiencing significant price swings. Bonk (BONK) broke out of its descending trendline on August 21 and is now trading near $0.0000035, up 5.59% in the last 24 hours.
The token's Relative Strength Index (RSI) reads 67, but it still prints lower highs on higher timeframes until $0.00000485 gives way. Bonk's market cap is now at $308 million.
Meanwhile, Useless Coin (USELESS) rallied 373% from its August 31 low to a September 5 peak of $0.316, but stalled at the $0.262-$0.278 resistance zone. It now trades near $0.2225, down 24.43% in the last 24 hours.
The gap below current levels is USELESS' major concern, with its 21-day exponential moving average sitting at $0.1231, about 45% under spot.