LUCKNOW (CoinChapter.com) — Dubai-based Baseball United has named the Shiba Inu’s rival Bonk (BONK) cryptocurrency as its official presenting companion for the 2024-2025 occasions. This collaboration will see the meme coin built-in into varied elements of the league’s operations, from venue branding to broadcast segments and modern fan experiences.
The partnership extends past simply the upcoming 2024 season. It encompasses main occasions just like the Arab Basic and the Baseball United Cup. The league’s inaugural skilled season will start in October 2025. The upcoming season options groups such because the Arabia Wolves and Mid East Falcons.
This partnership is a part of a broader development the place cryptocurrency corporations are more and more partnering with sports activities leagues to spice up visibility and adoption.
Related initiatives have been seen prior to now, such because the partnership between Sweet Digital and Main League Baseball (MLB) in 2021 and Perth Warmth’s transfer to pay its gamers in Bitcoin. Nonetheless, these partnerships haven’t been with out dangers, as seen with the collapse of FTX, which had a number of high-profile sports activities sponsorships earlier than its downfall.
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Technical Indicators Sign Potential Downtrend
Regardless of this partnership, current knowledge exhibits a 4.9% drop in BONK’s price over a 24-hour interval, with its market capitalization hovering round $1.27 billion.
Bonk (BONK) seems to be in a consolidation part after experiencing vital volatility earlier within the yr. The price motion exhibits a sequence of decrease highs since June, indicating a possible downtrend.
The Exponential Shifting Averages (EMAs) are displaying bearish, with the 20 EMA beneath the 50, 100, and 200 EMAs. This implies a short-term bearish sentiment. The RSI is presently hovering round 38.04. An RSI beneath 50 usually signifies bearish momentum, and values beneath 30 counsel an asset is oversold, probably signaling a reversal.
Whereas BONK is just not in oversold territory but, it’s getting nearer to that degree. This implies that the promoting strain is robust, but when it reaches oversold situations, there is likely to be a possible for a short-term bounce or consolidation.
Given these technical indicators and the current partnership information, predicting BONK’s short-term price is difficult.
The partnership may present a catalyst for upward motion, however the general market sentiment and technical setup lean bearish. Buyers ought to look ahead to a possible breakout above the current excessive of round 0.00004000 for indicators of bullish momentum. Conversely, a drop beneath the current low of 0.00001829 may sign additional draw back.