Bonk Price Prediction as $300 Million Sends BONK Plummeting 22% – Time to Buy the Dip?
The Bonk price has plunged by 22% in the past 24 hours, falling to $0.00002036 on a day when the crypto market as a whole has lost 8%.
Today is a bad day for the market in general, with a flash crash on BitMEX sending Bitcoin (BTC) as low as $8,900 for a while yesterday, yet it seems that meme coins such as BONK have been suffering the most.
Indeed, BONK is now down by 31% in a week and by 48% in a fortnight, although it holds onto a 53% gain in the past 30 days.
This suggests that it and the market retain enough medium-term momentum to recover soon enough, with yesterday’s selloff presenting a prime opportunity to buy the dip.
Based on a perusal of BONK’s chart, now does seem like a great time to buy the dip, with the coin’s indicators suggesting that it’s close to bottoming out.
Its relative strength index (purple) has just rebounded to 30 after touching 20 earlier this morning, a sign that it has taken enough damage for now.
BONK’s 30-day average (yellow) has also fallen to what looks like a low point in relation to the 200-day average (blue), another sign that it should be coming up anytime soon.
Having said that, the coin’s support level (green) would also suggest that it could see more losses before a recovery arrives.
It’s also disturbing that BONK’s 24-hour trading volume remains relatively low compared to the peaks of early March, having fallen from nearly $2 billion on March 5 to just over $300 million today.
What this suggests is that traders cannot exit positions without accepting big reductions in price, something which has likely been driving down the Bonk price today and yesterday.
As such, investors should probably expect some more pain before the picture begins to improve.
Bonk’s ability to recover will depend
Read more on cryptonews.com
