Bonk Price Prediction as Market Cap Falls to $750 Million: When Will It Rally?🤯
Bonk dropped 2% today to $0.0000118 while the cryptocurrency market fell 1.5% in 24 hours.
As traders lose optimism, the meme token's market value fell to $750 million and BONK fell 14% in the last week.
Still, the currency has gained 5% in 30 days and 1,300% in a year.
Traders shouldn't write off BONK just yet, as its past history suggests a significant recovery.
BONK's chart remains downbeat, with signs suggesting the currency might fall further instead of rebounding.
The coin's 30-day moving average (yellow) and current price are falling, indicating diminishing momentum.
BONK's relative strength index (purple) fell below 50 in recent days and is fighting to climb.
With its volume at $50 million, compared to $250 million in the middle of the month, traders seem uninterested in the meme currency.
However, the currency has increased 2% in the last hour, signaling major buying by traders.
Even if the signals are small, BONK may recover shortly.
It hasn't witnessed a huge whale acquisition in a few months, but its holding count is greater than in late November, when BONK started its end-of-2023 rise.
This shows some traders are holding the token for future profits.
As Bitcoin ETF volumes climb and the next Bitcoin halving approaches, the Bonk price may surge in the next weeks.
This month, Armada launched BONK incentives, indicating greater acceptance.
It may hit $0.000020 in the next months before rising to $0.000030 later in the year.
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