Bonk Price Prediction as BONK Drops 20% Overnight – Are Whales Dumping?
BONK has experienced a notable 20% decline recently, amid signs of potential whale dumps and a broader market retracement.
Over the past 24 hours, the price of BONK has dropped by 18.19%, bringing it down to $0.00003370, reflecting the general downturn in the crypto market.
This past week, BONK has seen a decrease of 20.38%, signaling a reversal from its earlier monthly gain of 41.69%.
Despite these fluctuations, BONK has recorded a staggering annual return of 6,545.28%, outperforming major cryptocurrencies like BTC, ETH, and SOL, which underscores the strong investor interest in this meme coin.
Moreover, the surge in its 24-hour trading volume to $805.57 million indicates increased trading activity, which could be indicative of potential selloffs.
After dipping in the early hours of this morning, it seems that BONK has had a change in momentum.
Today, BONK price decisively broke below its positive trendline (Yellow), which has acted as a support level over the past 10 days. This suggests a potential change in market sentiment and a shift towards a downtrend.
Other indicators support this, such as its relative strength index (purple) has fallen from 45 to 10 in the past 24 hours. This suggests BONK is oversold, potentially foreshadowing a further decline as sellers gain control.
Additionally, the meme coin’s 30-day moving average (orange) is trending downward, converging towards the 200-day average (blue). A decisive crossover could confirm the shift toward a downtrend
It is also notable that BONK’s 24-hour trading volume has increased to $805.57 million, potentially indicating stronger conviction behind the move.
With this sudden surge, it is credible to suggest that whales have offloaded tokens to capitalize on the recent gains
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