đWill the Meme Coin Sector Recover Enough to Cause Bonk to Reach $1?
In the last day, the cryptocurrency market has gained 2.5%, while the Bonk price has soared by 9%, reaching $0.00001171.
The market-wide sell-the-news response to recent Bitcoin ETF approvals has caused BONK to plummet by 1.5% in a week and by 26% in the previous 30 days.
The coin's extraordinary performance in late 2023, when it became a vehicle for whales, is highlighted by its astonishing 1,000% year-over-year increase.
The next weeks could be pivotal for BONK, since meme currencies often reap disproportionate rewards anytime the market has a recovery and rally.
Based on current indications, it seems like BONK has only started to rebound after a lengthy period of losses.
For instance, after a brief dip below 40 earlier this week, its RSI has started to rise consistently.
After the RSI remained low for almost a month, this increase seems to indicate a resurgence of momentum.
After dropping towards the 200-day, BONK's 30-day average has now leveled off, indicating encouraging indicators as well.
Additionally, a bullish cross, which often indicates additional increases, is anticipated to occur shortly when the coin's present price above the 30-day average.
Be that as it may, today's little gains may not last for much longer due to the low trading volume, which is still hovering around $68 million.
Additionally, it should be noted that whales have not been buying BONK in the last few weeks, which might indicate that they are no longer interested in the token.
However, as previously said, there is still one whale that has a kitty of over 314.8 billion BONK, which is equivalent to almost $3.3 million.
