Can You Buy Bonk Now That a Multi-Millionaire Trader Is Predicting a Rally?
Despite a 0.5% decline in the overall cryptocurrency market over the last 24 hours, the price of Bonk has increased by over 1% today, hitting $0.00003187.
BONK, the meme token based on Solana, has risen by an astounding 7,900% in a year, as well as 31% in a week and 54% in a month.
Indicators for Bonk indicate a decrease in momentum, suggesting a little correction after the recent surge.
In instance, the purple relative strength index (RSI) of the coin has fallen from 85 on Sunday and Monday to around 50 today, and there is still lot of space for the currency to fall until it is clearly oversold.
Although it isn't climbing quite as rapidly today, the 30-day average (orange) is still growing gradually beyond the 200-day average (blue), so its other indications don't seem too awful either.
An encouraging development is that BONK's volume has increased from $180 million a few days ago to slightly over $800 million, maintaining a high level.
Support (green) and resistance (red) levels for BONK are both going up, which is positive since it means the currency will likely trade in an upward band.
As fresh statistics shows, a large portion of the coin's rising circulation is attributable to whales' rekindled interest.
Given that the market as a whole seems to be beginning a new bull phase, this level of interest may last for some time.
The reason for this is because tomorrow is the deadline for a batch of spot-based Ethereum ETFs, and it seems like the SEC is prepared to approve many of them.
Approval won't have an immediate impact on BONK pricing, but it will increase optimistic sentiment in the market, which is good news for Bonk.
When compared to other meme tokens, BONK seems to have a better chance of seeing a rise in the near future, according to some traders.
Therefore, the Bonk price may hit $0.000035 in the next weeks, with a possible return to its all-time high of $0.00004547 by the end of the fourth quarter.
