BONK Price Prediction as BONK Drops 10% in 24 Hours – What’s Happening?
Harvey Hunter
Last updated:
June 18, 2024 18:10 EDT
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2 min read
The BONK price saw a significant decline today as the broader market crash continued, with major meme coins dropping by 10-15%. Despite this, there are indications that BONK has stabilized.
The BONK price has fallen by 9.78% in the past 24 hours, reaching $0.000021.
During this pullback, BONK has experienced a weekly loss of 19.47%, following the trend of major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), which have also retraced.
Even though BONK has dropped by 22.58% this month, it has still achieved an impressive return of 6,735.08% this year, surpassing that of other leading cryptocurrencies.
The 24-hour trading volume of the meme coin surged by 71.37% to $274.11 million, indicating a significant movement among traders, potentially in response to the retracement.
Bonk Price Plummets Below Support Level – What’s Happening?
The BONK price appears to have stabilized after plunging in the early morning hours.
BONK decisively fell below the $0.00002243 support level shortly after a successful retest. The support failed to hold, signaling increased selling pressure and a possible continuation of the downward trend.
However, after flirting with the 0.00001992 support level at the hour’s high point, Bonk managed to close above it. This suggests that the downward momentum has weakened and potentially stabilized.
This is supported by BONK’s relative strength index (RSI), which has increased from 10 to 35 in the past 24 hours. The significant rise indicates that BONK has moved away from oversold territory and improved to a more neutral position.
Yet, overarching indicators still point to a downtrend.
Most notably, BONK’s 30-day moving average is trending downward, positioned below the 200-day moving average, which is also declining. This suggests persistent downward momentum in both the short and long term.
Therefore, the current stability may not be strong enough for a rebound, potentially signaling further retracements ahead.
As BONK lacks real fundamentals of its own, it often follows broader market trends. Thus, the crash is likely attributed to the overall negative market sentiment following the US Federal Reserve’s hawkish stance on inflation.
Traders Are Moving to Low-Cap Coins For Big Gains
With a market cap of $1.46B, major gains for BONK may be limited in the future.
Given the current market conditions, dominant meme coins relying heavily on hype and sentiment seem likely to underperform.
Traders seeking faster and greater returns may consider exploring newer low-cap meme coins that are poised for explosive growth.
PlayDoge ($PLAY) is the latest meme coin attracting the interest of meme enthusiasts, gamers, and crypto fans.
The meme coin market is saturated with Shiba Inu-themed coins that offer little to no real utility.
PlayDoge is centered around gaming utility, turning the iconic Doge meme into a play-to-earn Tamagotchi-style virtual pet, embracing 90s nostalgia.
Players will be able to earn rewards by taking care of their pets and taking them on exciting adventures. Timely feeding, training, and sleep all contribute to the rewards earned by the attentive pet owner.
Stay updated on PlayDoge developments by joining the community on X and Telegram.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.