Bonk Price Analysis: $500M Volume Pushes BONK Toward $1 — Is a 10x Rally on the Horizon?
Simon Chandler is a Brighton-based writer and journalist with over ten years of experience writing about crypto, technology, politics and culture. He has written for Cryptonews.com since late 2017,...
The Bonk price has dropped to $0.00002108 today, marking a 6% decline in the past 24 hours and a 16% fall in a week.
These falls come as the cryptocurrency market loses 3% in a day, with lingering uncertainty over the Middle East, the US election and the wider global economy undermining prices.
Yet BONK’s troubles over the past week or so haven’t done too much to dampen its medium- and long-term performance, with the meme token – the 61st biggest coin in the market – still up by 27% in a month and by over 9,000% in a year.
And what’s encouraging today is that, despite the selloff, BONK’s trading volume remains elevated at roughly $500 million, indicating sustained demand.
At the moment, BONK is clearly on a downwards trajectory and will likely have to fall further before it begins recovering in a more concerted way.
Its relative strength index (purple), for instance, has slipped from well over 70 a few days ago to around 40 today, with more space to decline further before it becomes too oversold.
More tellingly, BONK’s 30-period average (orange) has just dropped below the 200-period average (blue), forming a ‘death cross’ that usually predicts a significant dump.
Yet BONK’s relatively high trading volume may indicate that any decline will be relatively short, with demand seemingly pouncing on today’s sale.
While we haven’t seen any big BONK transfers in recent weeks, it’s interesting to note that the coin’s biggest whale continues to stash some 2.41 trillion BONK.
$BONK price needs to form one more high in wave-(5). Ideal target at
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