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

Harvey Hunter
Last updated: | 2 min read
bonk

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

The BONK price has decreased 9.78% over the past 24 hours, bringing it down to $0.000021.

In the 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.

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

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


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

BONK USDT

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

After flirting with the 0.00001992 support level at the hour’s high point, however, Bonk managed to close above it. This suggests that the downward momentum has been weakened and potentially stabilized.

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

Despite this, overarching indicators are still signaling a downtrend.

Most importantly, 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.

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 its own, it often rides wider market waves. Therefore, the crash is likely credited 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


Given that BONK has already accumulated a market cap of $1.46B, major gains may be limited going forward.

With the current market conditions, dominant meme coins that rely heavily on hype and sentiment seem likely to underperform.

Traders seeking faster and bigger returns may want to explore newer low-cap meme coins that are ready for explosive growth.

PlayDoge ($PLAY) is the latest meme coin capturing the attention of meme fans, gamers, and crypto enthusiasts.

The meme coin market is over-saturated with Shiba Inu-themed coins boasting little to no real utility.

PlayDoge is built around gaming utility, transforming the iconic Doge meme into a play-to-earn Tamagotchi-style virtual pet, embracing 90s nostalgia.

It will enable players to earn rewards by nurturing their pets and taking them on adventurous journeys. Timely feeding, training, and sleep all contribute to the rewards earned by the conscientious pet owner.

Keep in touch with PlayDoge developments by joining the community on X and Telegram.

Buy PlayDoge Here

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.