Bonk Price Prediction as BONK Bounces 7% From Recent Bottom – Sell-Off Over?
The Bonk price has slipped by 4.5% in the past 24 hours, dropping to $0.00001019 on a day when the cryptocurrency market has fallen by 1.5%.
BONK is now down by 23% in the past week and by 44% in the past fortnight, although it is actually 7% up from its 30-day low of $0.0000095.
It’s also up by a very impressive 400% in the last 12 months, a percentage which highlights the longer term momentum it has been able to accumulate.
And with the market expecting a Bitcoin ETF-related surge, BONK could see some big gains once again very soon.
Based on a reading of BONK’s chart and indicators, the meme token is likely to see further losses before it corrects itself and resumes gaining again.
Most notably, its relative strength index (purple) has descended below 40 this morning, indicating a steep loss of momentum and buying interest, with more pain likely to come in the next few days as the coin’s price drops further.
Accompanying the RSI’s decline is BONK’s 30-day moving average (yellow), which flatted a week or so ago and is now beginning a descent.
It’s possible that the 30-day may fall all the way towards BONK’s 200-day average (blue), something which would imply substantial price losses.
The token’s current trading volume supports such pessimism, given that it currently stands at just under $100 million, down from over $1.6 billion as recently as mid-December.
This suggests a big loss of interest in BONK, which as a meme token may struggle to regain momentum, given its lack of fundamentals.
That said, major exchange OKX has begun listing the token today, so that could provide a much-needed short-term boost.
#NewListing ALERT
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