Bonk Price Prediction as BONK Bounces 7% From Recent Bottom – Sell-Off Over?
The Bonk price has slipped by 4.5% in the past 24 hours, dropping to $0.00001019 on a day when the cryptocurrency market has fallen by 1.5%.
BONK is now down by 23% in the past week and by 44% in the past fortnight, although it is actually 7% up from its 30-day low of $0.0000095.
It’s also up by a very impressive 400% in the last 12 months, a percentage which highlights the longer term momentum it has been able to accumulate.
And with the market expecting a Bitcoin ETF-related surge, BONK could see some big gains once again very soon.
Bonk Price Prediction as BONK Bounces 7% From Recent Bottom – Sell-Off Over?
Based on a reading of BONK’s chart and indicators, the meme token is likely to see further losses before it corrects itself and resumes gaining again.
Most notably, its relative strength index (purple) has descended below 40 this morning, indicating a steep loss of momentum and buying interest, with more pain likely to come in the next few days as the coin’s price drops further.
Source: TradingView
Accompanying the RSI’s decline is BONK’s 30-day moving average (yellow), which flatted a week or so ago and is now beginning a descent.
It’s possible that the 30-day may fall all the way towards BONK’s 200-day average (blue), something which would imply substantial price losses.
The token’s current trading volume supports such pessimism, given that it currently stands at just under $100 million, down from over $1.6 billion as recently as mid-December.
This suggests a big loss of interest in BONK, which as a meme token may struggle to regain momentum, given its lack of fundamentals.
That said, major exchange OKX has begun listing the token today, so that could provide a much-needed short-term boost.
#NewListing ALERT
$JTO @jito_sol and $BONK @bonk_inu Spot Trading is now open
Trade now: https://t.co/DZiTBUspWF
T&Cs apply. pic.twitter.com/GpUpgqOUK9
— OKX (@okx) January 8, 2024
On top of this, the SEC is due to arrive at decisions for several Bitcoin ETF applications this week, and if it approves any, the market is likely to enjoy a big surge.
This will include BONK, which may quickly return to levels it last saw in the middle of December.
And if crypto enters a full bull market this year, helped along by rate cuts and the Bitcoin halving, the Bonk price could reach as high as $0.000040.
New Meme Tokens for Bigger Rallies
Given the recent underperformance of BONK, which is 70% down from its recent record high, many traders may opt to look towards newer meme tokens for market-beating gains.
At the moment, a variety of presale tokens are showing strong potential, with some building lots of moment as they get ready to list.
A prime example of this is Meme Kombat (MK), an ERC-20 cryptocurrency that has raised just over $6.3 million in its ongoing sale.
We are so so close to our next milestone
But $6.3 million in the bag LFG! pic.twitter.com/SqohXEN28R
— Meme Kombat (@Meme_Kombat) January 8, 2024
The reason why Meme Kombat’s presale has been so successful is that it offers something no other project in crypto offers, which is a platform on which users can bet on AI-generated meme battles.
The platform renders such battles in real-time for users to watch, which the use of the Ethereum blockchain also means that results are processed transparently.
Users can place bets against each other or against the platform using the MK token, which they will receive if they win.
On top of this, users can stake MK tokens in order to earn a passive income, meaning that the platform could be very lucrative.
The Meme Kombat Discord is close to opening up, and this is what you can expect from it:
– Exclusive beta testers channel and forum
– Activities to win and give you bragging rights
– Trivia games
– And so much more!
Are you hyped? pic.twitter.com/SXFyHdBecO
— Meme Kombat (@Meme_Kombat) January 5, 2024
While its presale is due to end soon, new investors can still join by going to the Meme Kombat official website.
They can buy MK at a price of $0.279 per token, with this being the final sale price.
Of course, with the token set to list on exchanges in the next few weeks, it could end up rising higher very soon.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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