Bonk Price Prediction as Crypto Prices Crash – Can BONK Recover?
Today, the BONK price has shown resilience with modest growth despite a broader market downturn that affected many major meme coins, which saw declines of 5-10%. This hints at a potential recovery for BONK.
In the last 24 hours, the BONK token has decreased by 2.71%, dropping its price to $0.000247 amid a general market pullback. Over the past week, BONK has recorded a 7.46% loss, which contrasts sharply with its impressive monthly gain of 34.32%.
Over the last year, BONK has achieved an extraordinary return of 11,549.19%, significantly outperforming major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).
This impressive performance underscores the strong and widespread investor interest in BONK.
Furthermore, the meme coin’s 24-hour trading volume has increased by 16.09% to $609.24 million, suggesting that its short-term momentum may be setting the stage for a recovery.
BONK Bounces From Support Level – Can BONK Recover?
After dipping in the early hours of this morning, it seems that BONK is ready to rebound again.
Most notably, the BONK price has surged upwards after retesting the negative trendline (yellow) which has formed support over the past week, hinting at a trend reversal.
This is further supported by BONK’s relative strength index (purple), which has surged from 30 to 65 over the past 24 hours. This increase indicates weakening selling pressure and a potential shift toward an uptrend.
The 200-day moving average (blue) shows a downward trend, with the 30-day moving average (orange) following suit below it. This suggests that the downtrend is expected to persist, despite recent short-term price increases.
If the 30-day moving average fails to start rising soon, it could signal that the current positive momentum is insufficient to reverse the wider downtrend.
Therefore, as a meme coin that lacks any real fundamentals of its own, BONK price action is more likely to depend on broader market waves to break out of this trend.
Most significantly, tomorrow’s release of the US CPI reading for June is likely to dictate the overall market sentiment going forward. 10x Research cited a CPI inflation rate of 3.3% or lower as crucial for a continuation of the bull market.
Roaring Kitty’s recent $350 million loss in GameStop stock might trigger increased activity in meme coins, contributing to negative market sentiment.
— Roaring Kitty (@TheRoaringKitty) June 10, 2024
This follows the buzz created by Roaring Kitty’s return, which sparked significant meme coin growth.
New Low-Cap Gem Offers Real Utility
Given that BONK has already accumulated a $2.3B market cap, it is in question whether truly substantial gains are possible going forward.
For traders seeking faster and more substantial returns, exploring newer low-cap meme coins poised for explosive growth could be a strategic move.
Enter WienerAI ($WAI), a new meme coin and AI companion cited to become every crypto trader’s Best Friend.
The meme coin market is over-saturated with Shiba Inu-themed coins boasting little to no real utility. Something which may credit Weiner AI’s (WAI) recent success, raising over $5.4 million in its presale so far.
🚀🎉 $5M Milestone Achieved! 🎉🚀
WienerDogAI is just getting started!! 🌭🤖 pic.twitter.com/x7G1kFx729
— WienerAI (@WienerDogAI) June 8, 2024
Touted as a “Revolutionary AI Trading partner”, WienerAI is a digital companion that gives its owner user-friendly AI-enhanced trading advice, seamless swap functionality, and zero fees.
Around 20% of $WAI’s supply is for staking, and investors are currently earning a massive 207 APY, as per the project’s official website.
This places WeinerAI among some of the best passive income crypto gems. At this rate, investors can double their initial presale investment in just a few months.
Follow the latest developments on Weiner AI’s X account.
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.
