Bonk Price Prediction as BONK Slips 2% in 24 Hours – Is the Meme Coin Sell-Off Over?
The Bonk price has dipped by 2% today, with its slide to $0.00002761 coming as the crypto market falters by a very slight 0.3% in the past 24 hours.
BONK is also down by 20% in a week and by 27% in a fortnight, although the Solana-based meme token holds onto a 19% gain in a month and a whopping 9,000% rise in a year.
This makes it one of the best-performing top-100 coins over the last 12 months, and with the market having oversold it over the past week, it should be about to jump again.
BONK’s indicators are all pointing towards an imminent rebound for the meme coin, which is now selling at a discount that many buyers may find too tempting to resist.
Indeed, its relative strength index (purple) has bounced from 30 earlier this morning to just over 40 now, and it’s likely to continue rising in the next one or two days.
Likewise, BONK’s 30-day average (orange) has reached what looks like a bottom in relation to the 200-day average (blue), meaning that traders are overselling it and that it should begin recovering soon.
The coin’s resistance (red) and support (green) levels are also forecasting a big move soon, given that the two are very close to hitting each other.
$BONK
Doesn't look bad IMO, price just flushed out overleveraged folks.
If you had any orders filled or market bought in the green box, I believe it's a good buy.
It's possible we trade into the range, but I would like to see a monthly or even weekly close above the range. pic.twitter.com/G3axkWfFuE
— G O N Z O (@GonzoXBT) June 8, 2024
Some traders and analysts do expect it to see significant rises soon, and given that it has been such an effective vehicle for gains in recent months, there seems to be a good chance that whales will return to it soon.
Of course, as a meme
Read more on cryptonews.com
