Bonk Price Prediction as BONK Market Cap Falls to $750 Million – When is the Next Rally?
BONK has dipped by 2% today, with the Bonk price sinking to $0.0000118 as the cryptocurrency market suffers a similar 1.5% drop in the past 24 hours.
The meme token’s market cap has fallen to $750 million, with BONK also down by 14% in the past week as traders become less bullish.
Yet the coin holds onto a 5% gain in the last 30 days, as well as an impressive 1,300% increase in the past year.
Such performance means that traders shouldn’t write off BONK just yet, with the coin’s previous performance suggesting that it could make a strong comeback in the near future.
BONK’s chart continues to look subdued, its indicators in a position where the coin just as easily fall further instead of recovering.
Its 30-day moving average (yellow) is dipping ever so slightly, with the coin’s current price also dipping below the 30-day, in a sign of declining momentum.
At the same time, BONK’s relative strength index (purple) declined below 50 in the past few days, and is currently struggling to rise again.
This would suggest that traders aren’t too keen on the meme coin right now, with its volume remaining pretty low at $50 million, compared to $250 million around the middle of the month.
Having said that, the coin has risen by 2% in the past hour, suggesting that some traders have come in with significant purchases.
There’s therefore a possibility that BONK could enjoy a recovery soon, even if the positive signs are fairly modest.
It hasn’t really seen a big whale purchase in a few months, although it’s encouraging to note that its holder count is higher now than it was in late November, when BONK began its main end-of-2023 rally.
This suggests that some traders are keeping hold of the token, in the expectation of further gains.
And with the
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