Bonk Price Forecast: 4% Drop as $400 Million Hits the Market – Is Now the Time to Buy?
Simon Chandler is a Brighton-based writer and journalist with over ten years of experience writing about crypto, technology, politics and culture. He has written for Cryptonews.com since late 2017,...
The Bonk price has recovered by 1.5% in the past hour, returning to $0.00002289 after suffering a 4% drop earlier this morning.
The Solana-based meme coin is now up by 10% in a week and by 37% in the past month, while also sitting on a massive 11,300% increase in the past year.
The last few days have seen a significant rise in BONK’s trading volume, which has lifted from under $200 million over the weekend to more than $400 million today.
This signals growing demand for Bonk, which looks ready to end the week strongly.
After dipping overnight, it looks as though BONK is ready to rebound over the next day or so.
It’s significant that its current price has risen above its 30-period moving average (orange), which itself is rising above the 200-period average (blue).
This signals how the coin has entered a growth spurt, while its relative strength index (purple) has jumped above 50, another sign of growing demand.
What’s interesting about the BONK price right now is that it’s about to test its current resistance level (red), which stands at around $0.00002430.
If it can break through this level, we may see more sustained gains in the next couple of weeks.
That said, its medium-term momentum should mean that, even if it falls down from its resistance, it will rise back up soon afterwards.
$BONK #BONK
Moving back to the resistance.
Break through and retest and away we go
Bounce off and back to lower support and try again…
It wants to move pic.twitter.com/Ie5s88Ke8T
Probably the most promising sign that it will break through its resistance is
Read more on cryptonews.com
