As crypto prices fall, can Bonk recover?
Despite a significant market dip that saw several joke currencies drop 5-10%, the BONK price has grown little today. BONK may recover.
Due to a market retreat, the BONK coin has dropped 2.71% to $0.000247 in 24 hours. BONK lost 7.46% last week, compared to its 34.32% monthly gain.
BONK has outperformed Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) by 11,549.19% in the last year.
This excellent result shows BONK's extensive investor interest.
A comeback may be imminent as the meme coin's 24-hour trading volume rose 16.09% to $609.24 million.
Most recently, the BONK price has risen after retesting the negative trendline (yellow) that has supported it for a week, suggesting a trend reversal.
BONK's relative strength index (purple) has risen from 30 to 65 in 24 hours, supporting this. This rise suggests a lessening selling pressure and an upswing.
The 200-day moving average (blue) and 30-day (orange) are falling. Despite short-term price rises, the decline is projected to continue.
If the 30-day moving average doesn't rise soon, the bullish momentum may not be enough to reverse the downtrend.
As a meme coin without fundamentals, BONK price behavior is more likely to follow market waves to break this trend.
Most importantly, tomorrow's June US CPI will likely shape market mood. For the bull market to continue, 10x Research recommended a CPI inflation rate of 3.3% or below.
Roaring Kitty's $350 million GameStop stock loss may encourage meme coin activity, hurting market sentiment.
