Bonk Price Prediction as BONK Slips 2% in 24 Hours – Is the Meme Coin Sell-Off Over?
The Bonk price has dipped by 2% today, with its slide to $0.00002761 coming as the crypto market falters by a very slight 0.3% in the past 24 hours.
BONK is also down by 20% in a week and by 27% in a fortnight, although the Solana-based meme token holds onto a 19% gain in a month and a whopping 9,000% rise in a year.
This makes it one of the best-performing top-100 coins over the last 12 months, and with the market having oversold it over the past week, it should be about to jump again.
BONK Price Slips 2% in 24 Hours – Is the Meme Coin Sell-Off Over?
BONK’s indicators are all pointing towards an imminent rebound for the meme coin, which is now selling at a discount that many buyers may find too tempting to resist.
Indeed, its relative strength index (purple) has bounced from 30 earlier this morning to just over 40 now, and it’s likely to continue rising in the next one or two days.
Likewise, BONK’s 30-day average (orange) has reached what looks like a bottom in relation to the 200-day average (blue), meaning that traders are overselling it and that it should begin recovering soon.
The coin’s resistance (red) and support (green) levels are also forecasting a big move soon, given that the two are very close to hitting each other.
Doesn't look bad IMO, price just flushed out overleveraged folks.
If you had any orders filled or market bought in the green box, I believe it's a good buy.
It's possible we trade into the range, but I would like to see a monthly or even weekly close above the range. pic.twitter.com/G3axkWfFuE
— G O N Z O (@GonzoXBT) June 8, 2024
Some traders and analysts do expect it to see significant rises soon, and given that it has been such an effective vehicle for gains in recent months, there seems to be a good chance that whales will return to it soon.
Of course, as a meme token with no fundamentals of its own, much of its future depends on the general direction of the entire market.
The latter hasn’t done much today, while it suffered last week, yet the medium- and long-term looks very good for crypto.
For one, the launch of recently approved Ethereum ETFs will likely boost demand across the board, including for meme coins such as Bonk.
This could happen by the end of the month, while the improvement in macro conditions – including rate cuts – could have beneficial effects come the fall.
As such, the BONK price could reach $0.000030 in the next few weeks, and then $0.000040 in the next few months.
Newer Meme Tokens May Rise Higher
While BONK’s history up until now would suggest it will rally again soon, it may no longer see the kinds of returns it witnessed in the earlier part of its career.
Traders looking for market-beating rallies may therefore have to investigate newer meme coins, with successful presales one good way of identifying which new tokens have more potential.
For example, PlayDoge (PLAY) is an Ethereum-based cryptocurrency that has raised an impressive $3.5 million in its increasingly popular token offering.
https://twitter.com/PlayDogeGame/status/1800142916913897812
PLAY’s sale has been running for only three weeks, yet the coin’s fundamentals have helped to attract investors very quickly.
That’s because it’s the native token of a Doge-themed and Tamagotchi-style play-to-earn game, with players earning rewards in PLAY for breeding, trading and completing missions with their own virtual pet dogs.
The game features retro 8-bit graphics and visuals, helping to accentuate its nostalgic vibe, which is clearly part of the reason why its sale is doing so well already.
What’s also interesting about PLAY is that it will have a capped supply of 9.4 billion tokens.
And because holders will be able to stake the token, this cap could help squeeze PLAY’s price up over time.
Interested investors can join PLAY’s sale by heading over to the PlayDoge official website, where 1 PLAY currently costs $0.00505.
Traders can buy it using either USDT, ETH or fiat currency, with the popularity of its sale suggesting that it could rise healthily once it lists.
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.
