- Big Dog Fink has retraced nearly 30% from local highs.
- A bullish reaction from nearby support zones is expected.
Big Dog Fink [BINK] trades solely on the Raydium [RAY] decentralized exchange as the BINK/SOL pair. It saw a 193.9% rally in 24 hours, and this was after it reached its peak at $0.00517 and retraced by 27%.
There is a total supply of 148.94 billion BINK tokens. At current market prices, it has a market capitalization of $460 million, but the CoinMarketCap team has been unable to verify the project’s circulating supply.
It began trading on the 20th of November and is up more than 16x since the early hours of the 21st of November. However, it is very common for small, relatively new altcoins to garner large gains before slumping back into obscurity.
What will the fate of Big Dog Fink be? Will its recent gains see social media hype build up around it? There are hundreds of meme tokens going around, and dozens more utility tokens that have survived the bear market and the test of time.
BINK does not have this achievement and is competing against a vast pool of other tokens vying for public attention and capital inflows.
Big Dog Fink trades at a strong support zone
Source: BINK/USD on CoinMarketCap
The Fibonacci retracement levels noted the $0.00277 and $0.00211 as the imminent support levels that buyers could force a reaction from. The volume-weighted 50-period moving average was above the price and could act as a resistance in case of a bounce.
The MACD on the hourly chart was in a steep dive after forming a bearish crossover 12 hours before press time. This showed bearish momentum.
The $0.00268 region has seen BINK climb higher on the 26th of November and could halt the bearish advance in the coming hours. Traders also need to be prepared for BINK to retrace all the gains made and move toward $0.00126.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
