Bonk Price Prediction as Meme Coins Bounce After Sell Off – Is Now the

Simon Chandler

Last updated:

May 13, 2024 07:55 EDT

| 3 min read

The Bonk price has crept up by 0.7% in the past 24 hours, reaching $0.00002312 while the market as a whole posts a 2.5% gain today.

This move doesn’t do enough to clear BONK’s 16% loss in a week, although the Solana-based meme token remains up by 35% in the last 30 days.

Even more impressively, the coin has also gained by a whopping 5,400% in the past year, making it one of the best-performing top-100 tokens over this period.

And with BONK still in oversold territory for the past week, it could rally again very soon.

Bonk Price Prediction as Meme Coins Bounce After Sell-Off – Is Now the Time to Buy?.

BONK’s chart is showing signs of recovery, and what’s particularly bullish is that this recovery has only just begun, meaning that more gains are in store in the near term.

Its 30-day average (orange) has only just begun rising again for example, meaning that the coin’s price has plenty of time left to rise before the 30-day overtakes the 200-day (blue) and rises significantly above.

At the same time, BONK’s relative strength index (purple) has risen from just under 30 very early this morning to around 60 as of writing, signaling a strong surge in buying pressure and momentum.

Such momentum should carry the meme token for several more days yet, with the coin’s volume only just beginning to recover.

Also bullish is the fact that the coin’s resistance (red) and support (green) levels are honing in on each other, implying that the price is likely to be squeezed suddenly in either direction.

Given that BONK has spent more than a week declining, it’s likelier that a big move will be more towards higher levels.

BONK is likely to rise in step with the wider market, which after a difficult couple of months (relative to the highs of early March) is looking ready to return to growth.

Such growth will speed up once financial markets gain a strong suspicion that the Fed will cut interest rates, which have so far remained at high levels this year.

More generally, Bonk’s particular situation looks good insofar as it’s a rare example of a deflationary meme token, with its developers famously burning their entire allocation – some 5 trillion tokens – back in January 2023.

Based on its tokenomics and general...

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