Bonk Price Prediction As Renewed Buying Interest Develops into Bullish Pattern – Is $0.00002 the Next Target?
The Bonk price has fallen by 5% today, dropping to $0.00001401 as the cryptocurrency market as a whole loses 0.5% in the past 24 hours.
Yet BONK remains up by an impressive 40% in the past week, with the meme token witnessing a 0.7% gain in the past hour alone, as it begins to recover.
Such a rise is likely to continue over the coming days, with its indicators showing some signs of an incoming bounce.
And with crypto potentially on track to see a fully fledged bull market this year, BONK could easily hit $0.00002 in the not-too distant future.
As with many other coins right now, BONK’s indicators are in a middle-of-the-road position, having declined in recent weeks but possibly ready to rebound again soon enough.
For instance, the coin’s 30-day average (yellow) has resumed rising modestly after dipping a little last week, a sign of regaining of strength.
Meanwhile, BONK’s RSI has flattened at 50, a level that could see it making more rallies in the near future.
While BONK has indeed risen by 0.7% in the past hour, it should be noted that its 24-hour trading volume remains low in relation to where it was a week ago.
It currently stands at $130 million, compared to $500 million last week and a healthier $1.6 billion in mid-December.
It’s therefore arguable that this drop-off in volume indicates a loss of interest in BONK from bigger traders, although last week did see some considerable accumulation.
This smart trader who made ~$6.9M on $BONK spent 386 $SOL($40K) to buy 3.29B $BONK again today!
He accumulated 371.4B $BONK in 9 months at a cost of only 6,998 $SOL($276K) and sold half of the $BONK during the $BONK surge for 50,139 $SOL($5.2M).https://t.co/pOFRD2ndI8 pic.twitter.com/lkgGm13G0e
— Lookonchain (@lookonchain) January 9,
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