- Big Dog Fink has recovered almost 30% of the local highlights.
- A bullish reaction is expected from nearby support zones.
Big Dog Fink [BINK] trades exclusively on the Raydium [RAY] decentralized exchange as the BINK/SOL pair. It rallied 193.9% in 24 hours, and this was after it peaked at $0.00517 and recovered 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 failed to verify the project’s circulating inventory.
Trading started on November 20th and has risen over 16x since the early hours of November 21st. However, it is very common for small, relatively new altcoins to make big gains before fading into obscurity again.
What will be the fate of Big Dog Fink? Will the recent gains create social media hype around it? There are hundreds of meme tokens in circulation, and dozens more utility tokens that have survived the bear market and the test of time.
BINK does not have this feat and competes with a huge amount of other tokens vying for public attention and capital inflow.
Big Dog Fink is trading in a strong support zone
The Fibonacci retracement levels pointed to the $0.00277 and $0.00211 as the impending support levels that could force a reaction from buyers. The 50-period volume-weighted moving average was above price and could act as resistance in the event of a rebound.
The hourly chart’s MACD took a steep dive after forming a bearish crossover 12 hours before publication time. This showed bearish momentum.
In the $0.00268 region, BINK moved higher on November 26 and could stall the bearish advance in the coming hours. Traders should also be prepared for BINK to recover all the profits it made and head towards $0.00126.
Disclaimer: The information presented does not constitute financial advice, investment advice, trading advice or any other form of advice and is solely the opinion of the writer