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Bonk Price Prediction as BONK Drops 10% Overnight – Are Whales Selling Their Bags?

Arslan Butt
Last updated: | 3 min read

Bonk (BONK), a Solana-based memecoin, stands out with a market cap of $2 billion and a total value locked (TVL) exceeding $416 million. As BONK experiences a sharp decline, questions arise about the potential reasons behind the sell-off and what it means for future price movements.

Despite the recent drop, Bonk reached an all-time high (ATH) three months ago, driven by a series of bullish trends, indicating strong market interest. This introduction will delve into BONK price prediction, analyzing key technical indicators and levels that traders should monitor closely.

Market Momentum and Key Indicators

Bonk (BONK), a Solana-based memecoin, stands out among its peers with a market cap of $2 billion and a total value locked (TVL) exceeding $416 million. Three months ago, Bonk reached an all-time high (ATH), driven by a series of bullish trends.

This strong performance has created lasting positive momentum for Bonk, even through previous market declines. As market sentiment improves, Bonk is positioned as a memecoin to watch for continued growth this year.

Key Points:

  • Bonk holds the highest valuation among Solana-based memecoins.
  • Market cap: $2 billion; TVL: $416 million.
  • Reached ATH three months ago amidst bullish trends.

Bonk Price Prediction

At the moment, BONK is trading at $0.000022, up 3.45%. The pivot point is marked at $0.0000229, which is a crucial level for traders to watch. Immediate resistance is seen at $0.0000242, with subsequent resistance levels at $0.0000257 and $0.0000271. These resistance levels indicate potential upward targets if the price manages to break through the pivot point.

On the downside, immediate support is found at $0.0000213, with further support levels at $0.0000199 and $0.0000180. These support levels are critical for traders to monitor as they indicate where the price might find stability if it starts to decline.

Technical indicators further inform the outlook. The Relative Strength Index (RSI) stands at 62, suggesting that the asset is approaching overbought territory but not yet in a critical zone. The 50-day Exponential Moving Average (EMA) is positioned at $0.0000212, providing additional support and indicating the current trend’s strength.

Bonk Price Chart
Bonk Price Chart – Source: TradingView

A key factor to consider is the downward trendline, which is extending resistance near the $0.0000229 level. The closing of candles below this level has the potential to drive a selling trend, reinforcing the bearish sentiment. However, if BONK manages to break above this level, it could boost a more bullish bias and signal a potential upward move.

In conclusion, the outlook for BONK remains bearish below the pivot point of $0.0000229. Traders should closely monitor these key levels to make informed decisions. A break above the immediate resistance at $0.0000229 could signal a shift towards a bullish trend, while maintaining a position below this level might lead to further declines.

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Time to Act: The presale price of WAI is currently $0.00072, and it’s set to increase soon. Early investors could see significant gains if WAI achieves market leadership.

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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.