Bonk Price Slides 2% as Market Consolidates – Dip-Buying Opportunity?
Since graduating with a degree in economics from the University of Birmingham in 2018, Joel has worked as a financial market/cryptocurrency analyst. He firmly believes that emerging crypto technology...
The Bonk (BONK) price has dipped around 2% on Thursday, per data presented by TradingView, amid sluggish trading conditions across the broader cryptocurrency market, with some asking if now is a good time to buy the dip.
Last around $0.00001650, the Bonk price is eyeing a retest of its lowest levels since August around $0.000001560.
Bonk is a leading Solana meme coin, with a market cap of $1.15 billion, per CoinMarketCap.
Trading condition in the BONK spot market are indicative of a broader bearish but consolidative trend being seen across the market.
Traders are nervously awaiting the release of key US labor market data on Friday that will have a big impact on Fed rate cut expectations and US economic projections.
US recession fears have been rising since worse-than-expected US jobs data for July was released this time last month.
Ahead of Friday’s August jobs report, the data that has trickled in this week has mostly painted a picture of weakness.
This is boosting the money market implied odds that the Fed will cut interest rates.
But the Fed rushing to cut interest rates due to unexpected economic weakness isn’t necessary bullish.
In fact, in past economic cycles, stocks have performed poorly during times of recession, despite Fed interest rate cuts.
We are 15 days away from the first Fed rate cut of this cycle.
Using that same time frame, I overlayed the following past rate cut cycles: 1981, 1990, 2000, and 2007.
These four cutting cycles matched the same data that we're seeing currently (unemployment rate curving up,…
