After the 90% price plummet of $BONK, the asset shows 70% growth, which quickly turns into a 20% correction
token has recently spiked by almost 70% in value before dramatically retracing. This unexpected surge has led many to speculate that large holders, often referred to as"whales," could be driving these price dynamics.
Interestingly, a closer look at BONK's network shows a number of large hodlers controlling a considerable chunk of the token's supply. These"whales," due to their substantial holdings, have the ability to significantly influence the price of the token. It is therefore plausible to suggest that these large holders could have artificially inflated the price of, attracting retail investors to buy in, only to subsequently sell off their holdings for profit.
A spinning top is a type of candlestick pattern, often seen as an indication of indecision on the market. It is characterized by a small body between two long shadows, giving it a look akin to a spinning top toy. When this pattern appears, it suggests that neither buyers nor sellers could gain control during the trading period, leading to equilibrium of sorts.has been riding an upward wave, even reaching the $0.52 price level, breaking an important psychological threshold of $0.5.
While the spinning top formation suggests a possible pause in the uptrend, it is the subsequent price action that will truly reveal where XRP is headed next.has been thrown into chaos as a massive wave of longs liquidations, amounting to almost $100 million, has instigated a rapid downward turn across the board. The majority of digital assets have experienced a sharp decline, with losses peaking at 5%.
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