Bonk Price Forecast: Is it Time to Seize the Opportunity as BONK Declines by 20% in 7 Days?
By Joel Frank
Updated:
June 20, 2024 10:01 EDT
|
Reading Time: 1 minute
Bonk Price Forecast: Is it Time to Seize the Opportunity as BONK Declines by 20% in 7 Days? / Source: Cryptonews
As the Bonk (BONK) price struggles to rebound from multi-week lows at around $0.000021 and experiences a 7-day loss of nearly 20%, traders are considering whether now is the right time to take advantage of the dip.
The $0.000020 level has consistently served as a strong support zone since mid-March, with the price only breaking through it once.
Historically, when BONK has rebounded from the $0.000020 range, it has also received support from its daily moving averages (DMAs).
Bonk Price Tests 200DMA – Is it the Right Time to Buy?
This pattern is repeating itself once again.
BONK
found significant support earlier this week at its 200DMA.
The last time BONK tested its 200DMA was in April, and in the following six weeks, it experienced a rally of 260%.
The Bonk price surged by 260% within a few weeks after testing its 200DMA. Source: TradingView
If history repeats itself, a 260% rally from this week’s lows would push BONK above $0.000070.
However, there is no guarantee that BONK will experience a similar rebound this time.
Nevertheless, investors now have an opportunity to purchase BONK close to its 200DMA for only the second time this year.
Consider Bonk Alternative – New Meme Coin Wiener AI (WAI)
Compared to recent weeks, Bonk is currently at attractive levels. Investors who enter now may potentially achieve gains of 5-10x during this bull market.
However, meme coin traders typically seek gains much higher than 5-10x.
To secure gains of 50-100x, it is best to identify and invest in a new meme coin before it gains popularity.
One effective method to enter a meme coin early is through presales.
The analysts at Cryptonews.com closely monitor the market for new meme coin presales.
They are particularly enthusiastic about a new meme coin called Wiener AI (WAI).
Indeed, AI cryptos are currently receiving a lot of attention, especially as Nvidia emerges as the largest publicly traded company globally.
Cryptonews.com believes that the fun and innovative Wiener AI meme coin has significant potential.
Follow Us on Google News
Disclaimer: Crypto is a high-risk asset class. This article is for informational purposes only and does not constitute investment advice. There is a risk of losing all your capital.
