Bonk Price Prediction as BONK Drops 10% in 24 Hours – What’s Going

Harvey Hunter

Last updated:

June 18, 2024 at 20:05 GMT+3

| 2 min read

Today, the BONK price experienced a significant pullback as the broader market crash continues. with major meme coins are down by 10-15%. Despite this, there are signs that BONK has stabilized.

The BONK token has decreased 9.78% over the past 24 hours, bringing it down to $0.000021, amid a major market crash.

In a pullback, BONK has posted a weekly loss of 19.47%, following the trend of major cryptos like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), which have also retraced.

Although BONK has fallen by 22.58% this month, it has still achieved an impressive return of 6,735.08% this year, far surpassing that of other leading cryptocurrencies.

Notably, the meme coin’s 24-hour trading volume surged 71.37% to $274.11 million. This suggests a massive movement among traders, possibly in response to the significant retracement.

Bonk Price Plummets Below Support Level – What’s Going On?.

The BONK price seems to have stabilized after plummeting in the early hours of the morning.

Notably, BONK plummeted decisively below the $0.00002243 support level (red) within hours of a successful retest. The support failed to hold, indicating increased selling pressure and a possible continuation of the downward trend.

However, after flirting with the 0.00001992 support level (grey) at the hour’s high point, Bonk managed to close above it. This suggests that the downward momentum has been weakened somewhat, and potentially stabilized.

This is supported by BONK’s relative strength index (RSI) (purple) which has risen from 10 to 35 in the past 24 hours. The relieved increase suggests that BONK has moved away from oversold territory, improving somewhat to a more neutral position.

Despite this, overarching indicators are still signaling a downtrend.

Most significantly, the meme coin’s 30-day moving average (yellow) is trending downward, positioned below the 200-day moving average (blue), which is also declining. This suggests persistent downward momentum in both the short and long-term.

Hence, the current stability might not provide a strong enough foundation for a rebound, potentially signaling further retracements ahead.

Given that BONK has no real fundamentals of it’s own, it often rides wider market waves. Therefore, the crash is likely credited to the overall...

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