Bonk Price Prediction as BONK Sinks 9% in 24 Hours – What’s Going On?

cryptonews.com:

Bonk has suffered a 9% fall today, with the BONK price dropping to $0.00001162 as the crypto market falls by 1% in the past 24 hours.

Today’s drop appears to bring to a close a relatively profitable period for the meme coin, which is now also down by 13% in the last seven days.

It appears that it has declined as a result of traders taking profits following its recent gains, with the token still up by 17% in a fortnight and by 7.5% in the last 30 days.

And with some whales still holding onto their stashes of BONK, the meme coin could easily see a quick recovery in the coming weeks.

Like much of the market right now, BONK has lost a considerable amount of momentum in the past few days, as reflected by its indicators.

Its RSI (purple) has stumbled below 50 today, and looks like it could continue falling for a while yet, dragging the coin’s price down with it.

Similarly, BONK’s 30-day average (yellow) is struggling to regain momentum, and given that its price has actually fallen below the 30-day, the latter is likely to drop further.

This implies that BONK is entering a corrective phase, with traders likely to take further profits and stop further losses over the reset of this week.

And as with many other coins right now, BONK’s falling price is about to test its support level (green), with a drop below the latter likely to precipitate additional drops.

What’s particularly concerning with BONK is that, even after rising a little this month, its 24-hour trading volume still remains unhealthily low.

It current stands at about $85 million, down from $1.6 billion in December.

In other words, BONK is suffering from some very low liquidity, making it more vulnerable to sudden drops.

This helps to explain why it has out-fallen the market