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Forecast for Bonk Price as $900 Million in Daily Volume
While the price of BONK experiences a brief dip, the 24-hour trading volume has surged to $900M, suggesting the possibility of whale activity.
In the last day, the price of BONK has dropped 5.64 percent, to $0.000033. This coincides with a general retracement in the cryptocurrency market.
With a 35.43% rise over the last week, BONK has maintained its 21.82% monthly price increase.
According to Binance statistics, the cryptocurrency has had a phenomenal return of 7,990.65% in the last year.
This indicates that BONK is attracting a lot of attention from investors, as it is far higher than the returns of big tokens like BTC, ETH, and SOL in the last year.
The 24-hour trade volume has increased to $902.9 million in the last few hours, suggesting that there may be a comeback in the near future.
The purple relative strength indicator, in instance, has dropped from 90 to 35 in the last day. This indicates that BONK may be cheap and that a price rebound is possible, as it is oversold.
Additional evidence, such as the persistence of a positive trendline (Yellow), lend credence to this. So, it seems like the recent pullback was just that—temporary—and not indicative of a full change in momentum.
Moreover, the rising trend that began last week is being confirmed by the fact that the orange 30-day moving average of the meme currency is now heading higher than the blue 200-day average.
With a 33% increase in only the previous week, the coin's trading volume has reached $900 million, lending credence to this viewpoint. This might be a sign that some major players are about to enter the market.
Even though BONK is only a meme token with no underlying value, it often follows market trends.
Hence, BONK may be propelled further by the return of 2021 market catalyst Roaring Kitty, the trader famous for starting the GameStop mania, and the recent approval of many US Ethereum Spot ETFs.
So, by summertime, the Bonk price may hit $0.000040.
