LIVEBonk Price Prediction as Crypto Prices Crash – Can BONK Recover?
#EarnFreeCrypto2024 #TopCoinsJune2024 #altcoins #BTC #bitcoin 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.
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.
