The Honk price plummeted more than 14% over the past 24 hours to trade at $0.01399 as of 11:45 pm EST.

The Honk Price Has Formed A Bearish Channel

4-hour chart for HONK/USDT (Source: TradingView)

The Honk price has been trading in a consolidation channel since Jan. 27. In the last 24 hours, however, the altcoin has printed a series of lower lows and lower highs. This has led to the formation of a descending price channel. Should this sell pressure persist, HONK could soon retest the support level at $0.012040.

This bearish thesis may be invalidated if the Honk price is able to overcome the $0.016115 resistance. This will not only place it above the current bearish channel, but will also result in the crypto flipping the $0.016115 resistance into support. Buyers may then identify this as a long entry, which will subsequently lead to HONK rising. As a result, the Honk price could attempt to break through the $0.019125 threshold as well.

The Honk Price Is Trying To Break Its Negative Cycle

The Honk price is currently attempting to overcome the middle level of the descending price channel. A 4-hour candle close above this point may be an early indication of a bullish move. Conversely, HONK failing to establish a position above this mark could put it at risk of continuing to drop in the next 48 hours.

While the Honk price may continue to drop, Meme Kombat is fast-approaching the $8 million mark in its presale.

Introducing Gaming To The Meme Coin Space

Meme Kombat is a decentralized gaming platform where the most well-known memes will soon battle it out. Token holders will be able to place bets on these battles on who they think the winner will be.

They will then receive rewards if their character wins. In addition to this, there will also be more-hyped battles that will take place within the ecosystem, which will give players the opportunity to earn more lucrative rewards.

The $7.6 million milestone has been put to bed!

We keep pushing! $25k giveaway at $8million🥊 pic.twitter.com/muZYlQPg4J

— Meme Kombat (@Meme_Kombat) January 28, 2024

Apart from the potential to earn rewards, Meme Kombat is also offering early-stage investors a staking program with an attractive Annual Percentage Yield (APY) of 122%. Investors who purchase the project’s token, MK, through its presale will automatically have their tokens staked for them.

Set To Become The Next Meme Coin King?

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A handful of lucky investors have been able to amass substantial gains trading new meme coins in the past few months. Now, investors are getting ready to profit from the rise of Meme Kombat, as shown by the project’s booming presale. 

One potential reason that Meme Kombat has many investors excited is its appeal to the meme coin community, as well as its innovative gaming platform. Not only does this introduce a high degree of utility not commonly associated with meme coin projects, it also positions the project perfectly to capitalize on the rapidly-growing blockchain gaming sector.

The crypto is selling for $0.279 and can be purchased using either ether (ETH), Tether (USDT), bank card or Binance Coin (BNB).

Visit the official website and buy Meme Kombat here.

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• Source: https://insidebitcoins.com/news/honk-price-prediction-solana-meme-coin-honk-plunges-14-as-this-new-gamefi-presale-roars-towards-8-million