KIMBO Loses 19.76% Weekly, Floats Above $0.000361 Support

• The KIMBO price has decreased by 19.76% during the weekly trading session.
• The 24-hour trading volume of the cryptocurrency reached $1.65 million.
• The current token price is hovering above the $0.000361 bullish POI.

Kimbo (KIMBO) is a community dog token of the Avalanche blockchain. The meme coin aims to become a top dog among popular meme coins such as Shiba Inu, Dogecoin, Pepe, etc. The founders of KIMBO have set a commendable standard by taking zero allocation, renouncing the contract, sending the initial liquidity pool to burn, and showing a high level of commitment to the project’s integrity and longevity.

KIMBO Has Delivered 53.30% Returns During the Monthly Session

The cryptocurrency witnessed a strong bullish rejection from the $0.000039 support in December 2023. Subsequently, the price started a potential reversal on January 23, 2024, from the $0.000077 demand. It resulted in an upsurge of 321% to the $0.000317 supply level.

The bullish entries of crypto cruisers from the $0.000192 level completely turned the market sentiments into positive on March 6, 2024. Consequently, the price reflected 275% positive growth to the $0.000721 resistance and is facing some profit bookings.

Supply and Valuation of the KIMBO Token

The total diluted valuation of the project is assumed to be $25.71 million. The maximum supply of the meme coin is capped at 69.42 billion KIMBO, which is currently released in circulation. That shows transparency and a clear commitment to the project, which can save the digital asset from future imbalance and price inflation.

The project currently has 16,736 token holders, of which the top 100 holders collectively own 64.16% of  KIMBO tokens. The top 1 wallet holds 33.45% of the tokens, which is hardly calculated to be 23.22 million KIMBO worth $8.51 million.

Technical Analysis of the KIMBO Price

The crypto price crossed above the 50-day key exponential moving average on February 26, 2024. Afterward, the price experienced massive buying to the $0.000721 resistance. The price is making retracement on the 50-day EMA, which can act as a dynamic support.

KIMBO price has given a breakout from the $0.000361 resistance. The price surged almost 100% after the breakout to the $0.000721 resistance. Subsequently, some profit bookings happened from that level, which resulted in a negative fall of over 50% to the $0.000361 bullish POI. 

In the last two trading sessions, the cryptocurrency has experienced a weak bullish reaction from that POI. The price can achieve the $0.000721 mark if it has a closing above $0.000531. Conversely, if the price slips below $0.000317, it may fall to $0.000225.

The relative strength index (RSI) reflects an internal bearish divergence in the price momentum. However, the slope is losing strength in the current trading phase, which can lead to a positive indication. The RSI is at 42.91 below the signal line.

Summary

The KIMBO price has shown a significant change since March 2024. The cryptocurrency reflected an over 380% bullish rally afterward. At press time, the KIMBO meme coin is experiencing some profit bookings from crypto traders. It is hovering on the $0.000361 bullish POI. The price can achieve the $0.000721 mark if it has a closing above $0.000531. On the other hand, if the price slips below $0.000317, it may fall to $0.000225.

Technical Levels

• Resistance Levels: $0.000531 and $0.000721
• Support Levels: $0.000317 and $0.000225

The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.