- Big Dog Fink is down nearly 30% from local highs.
- A bullish reaction from nearby support zones is expected.
Big Dog Fink (BINK) trades solely on the decentralized exchange Raydium (RAY) as the BINK/SOL pair. It saw a 193.9% rally in 24 hours, after hitting its high at $0.00517 and retracing 27%.
There is a total supply of 148.94 billion BINK tokens. At current market prices, its market capitalization stands at $460 million, but the CoinMarketCap team was unable to verify the project’s circulating supply.
It began trading on November 20 and has increased more than 16 times since the early hours of November 21. However, it is very common for small, relatively new altcoins to reap significant gains before falling back into obscurity.
What will be the fate of Big Dog Fink? Will his recent gains lead to increased hype around him on social media? There are hundreds of meme tokens circulating and dozens of other utility tokens that have survived the bear market and the test of time.
BINK lacks this feat and competes with a large pool of other tokens vying for public attention and capital inflows.
Big Dog Fink is trading in a strong support zone
Source: BINK/USD on CoinMarketCap
Fibonacci retracement levels noted $0.00277 and $0.00211 as impending support levels from which buyers could force a reaction. The 50-period volume-weighted moving average was above price and could act as resistance in the event of a rebound.
The MACD on the hourly chart was in a sharp dive after forming a bearish crossover 12 hours before publication time. This shows bearish momentum.
The $0.00268 region saw BINK climb higher on November 26 and could halt the bearish advance in the coming hours. Traders should also prepare for BINK to retrace any gains made and move towards $0.00126.
Disclaimer: The information presented does not constitute financial, investment, business or other advice and represents the opinion of the author only.
