Bonk Price Prediction for June 14: BONK Drops 4% – Will Whales Buy at This Level?
The Bonk price has slipped by 4% today, with the meme token’s fall to $0.00002603 coming as the crypto market as a whole loses close to 1% in the past 24 hours.
BONK has now fallen by a hefty 19% in a week and by 24% in a fortnight, although the Solana-based coin remains up by 7.5% in a month.
It’s also up by a whopping 8,600% in a year, underlining its credentials as one of the fastest-growing meme tokens in the market.
And given that it has taken a few discounts in the past couple of weeks, it should rebound vigorously very soon.
BONK Price Drops 4% – Will Whales Buy at This Level?
As with many other coins right now, BONK’s chart shows the meme token at a short-term bottom.
It has actually already begun to bounce up from this bottom, with its RSI (purple) having fallen below 30 yesterday and risen close to 50 today.
This points to an incoming recovery, with BONK’s 30-day average (orange) beginning to settle after falling heavily in the past couple of days.
Combined with the coin’s resistance (red) and support (green) levels nearing each other, this all suggests that BONK’s recent bad fortunes may be about to improve.
It’s encouraging in this respect that, despite being down in relation to recent highs, BONK’s trading volume is still relatively healthy, at about $300 million today.
This points to ongoing interest in the token, which can help it recover from recent falls.
There’s currently no data suggesting big buys from whales in the past few weeks, yet the sustained volumes do suggest that the market for BONK remains fairly strong, in spite of its recent declines.
The price of $BONK is at a crucial point now, since it managed a bullish breakout from this descending channel but now is at the support.
I will enter a Long on #Bonk if I see a bullish candle formation from here!
Trade now on @Phemex 👉 https://t.co/dQy5LUChJS pic.twitter.com/IHcqaIhdRd
— CryptoJack (@cryptojack) June 13, 2024
Many traders and analysts continue to predict big things for the meme token, particularly if it can bounce from its current support level in the next few days.
There’s every chance that it could ride along with the rest of the market as and when the recently approved Ethereum ETFs launch, which is likely to happen this summer.
Given that the stock market is still doing quite well, and given that rate cuts have been slowly happening in various parts of the world, we could witness a general lift for the crypto market in the next few months.
This will help to boost the BONK price, which could hit $0.000030 in a few weeks and $0.00005 by the final quarter of the year.
New Meme Tokens Bring the Momentum
BONK isn’t the only meme token to watch out for in the next few weeks, with various newer coins showing lots of potential.
This includes several tokens that have been holding their presales, which are enabling them to build up momentum before listing on trading platforms.
One coin doing just this is PlayDoge (PLAY), an Ethereum-based cryptocurrency that has raised more than $4.3 million in its sale.
Keep your Doge happy and gobble up those $PLAY tokens! 🐶💰
The happier the pet, the stronger the rewards. Let's get playin'! 💪
Follow PlayDoge’s lead with our #Presale#PlayDoge #MemeCoin #BNB pic.twitter.com/w5HeXnQY0E
— PlayDoge (@PlayDogeGame) June 4, 2024
A play-to-earn game that taps into Shiba Inu memes, PlayDoge provides users with the opportunity to earn rewards in PLAY for breeding, trading and completing missions with their own virtual pets.
Modelled after the Tamagotchi handheld games that took much of developed world by storm in the late Nineties, PlayDoge is all about nostalgic and cutesy 8-bit graphics and compelling old-school gameplay.
Judging by its successful raise, the game’s design is proving highly effective in attracting investors and supporters.
As the game’s native token, it’s likely that PLAY – which will be used for in-game transactions – will witness growing demand as the game becomes more popular.
It will also have a capped supply of 9.4 billion, while holders will be able to stake it for regular rewards.
Such tokenomics could result in the coin becoming deflationary over time, particularly if the game takes off.
Anyone interested in joining the PLAY sale can do so by visiting the PlayDoge official website.
PLAY currently costs $0.00507 per token, although this price is set to rise incrementally with each successive stage of the sale.
Investors should therefore act sooner rather than later if they want to grab some before 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.
