As Market Consolidates, Bonk Price Falls 2%—Buying Opportunity?
According to TradingView, the Bonk (BONK) price fell 2% on Thursday amid slow cryptocurrency market trade. Some are wondering whether now is a good time to purchase the drop.
At $0.00001650, the Bonk price is poised to retest its August low of $0.000001560.
Bonk Price Falls 2% as Market Consolidates
According to CoinMarketCap, Bonk is the top Solana meme cryptocurrency with a $1.15 billion market value.
BONK spot market trading suggests a gloomy yet consolidative market trend.
The publication of vital US job market statistics on Friday could considerably affect Fed rate decrease predictions and US economic estimates, thus traders are anxious.
Since last month's worse-than-expected July employment report, US recession worries have grown.
This week's data has generally showed deterioration ahead of Friday's August employment report.
This strengthens the money market, increasing the likelihood of Fed rate cuts.
A Fed that cuts rates quickly due to unanticipated economic weakness isn't positive.
Even after Fed interest rate reduction, equities have underperformed during recessions.
The future of prominent crypto meme currencies like Bonk is uncertain.
That means Bonk may not be a viable purchase despite the current price drop.
Bonk Price: Where Next?
The employment data on Friday will determine market mood.
If positive data counters recession worries, the Bonk price and crypto market might rally significantly.
Conversely, a bad report might push Bonk below $0.00001560.
That would allow a quick plunge to April lows of $0.00001250.
Bonk Price Falls 2% as Market Consolidates
Since failing to break above its 50 and 200DMAs earlier this month, the Bonk price would continue to fall.
A retest of December 2023–February 2024 lows around $0.000010 is possible.
