Bonk Price Prediction as BONK Drops 10% in 24 Hours – What’s Going On?

#BinanceTournament #AirdropGuide #EarnFreeCrypto2024 #altcoins #BTC

Today, the BONK price experienced a major pullback as the broader market crash continued, with major meme coins down by 10-15%. Despite this, there are signs that BONK has stabilized.

The BONK price has decreased 9.78% over the past 24 hours, bringing it down to $0.000021.

In the pullback, BONK has posted a weekly loss of 19.47%, following the trend of major cryptos like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), which have also retraced.Although BONK has fallen by 22.58% this month, it has still achieved an impressive return of 6,735.08% this year, far surpassing that of other leading cryptocurrencies.

The meme coin’s 24-hour trading volume surged 71.37% to $274.11 million, suggesting a massive movement among traders, possibly in response to the retracement.BONK plummeted decisively below the $0.00002243 support level within hours of a successful retest. The support failed to hold, indicating increased selling pressure and a possible downward trend continuation.

After flirting with the 0.00001992 support level at the hour’s high point, however, Bonk managed to close above it. This suggests that the downward momentum has been weakened and potentially stabilized.This is supported by BONK’s relative strength index (RSI), which has risen from 10 to 35 in the past 24 hours. The relieved increase suggests that BONK has moved away from oversold territory and improved to a more neutral position.

Most importantly, BONK’s 30-day moving average is trending downward, positioned below the 200-day moving average, which is also declining.

Hence, the current stability might not provide a strong enough foundation for a rebound, potentially signaling further retracements ahead.

Given that BONK has no real fundamentals of its own, it often rides wider market waves. Therefore, the crash is likely credited to the overall negative market sentiment following the US Federal Reserve’s hawkish stance on inflation.