In the previous twenty-four hours, the whole cryptocurrency market has seen a loss of 0.5%, which has resulted in the price of Bonk falling by 5%, bringing it down to $0.00001401.
Despite this, BONK has continued to show a remarkable increase of forty percent over the course of the previous week. The meme token has seen a rise of seven percent in just the last hour alone, as it starts to rebound.
There is a good chance that this upward trend will continue over the next several days, since its indicators are exhibiting some indications of an impending rebound.
And considering that the cryptocurrency industry is likely to have a full-fledged bull market this year, it is not out of the question that BONK may reach $0.00002 in the not too distant future.
Considering that renewed buying interest is developing into a bullish pattern, do you think $0.00002 will be the next target for the bitcoin price?
BONK's indicators are now in a position that is comparable to that of many other currencies at the moment. They have been falling over the last few weeks, but it is possible that they are getting ready to start climbing again in the near future.
For example, the 30-day average of the coin (which is yellow) has begun growing mildly after seeing a little decline the previous week, which is an indication that the currency is recovering strength.
While this is going on, the Relative Strength Index (RSI) of BONK has reached a level of 50, which is a level that might lead to more rallies soon.
While it is true that BONK has increased by 0.7% over the course of the last hour, it is important to remember that the 24-hour trading volume of the cryptocurrency is still quite low in comparison to where it was a week ago.
In comparison to the previous week's total of $500 million and the more favorable $1.6 billion in the middle of December, it is presently at $130 million.
It is thus possible to argue that this decrease in volume is indicative of a lack of interest in BONK from larger traders, despite the fact that there was a significant buildup of a significant amount over the previous week.
Because of this, it is still possible that BONK may have more rallies once the current post-ETF approval drop has been resolved, with the meme token continuing to be a popular vehicle for returns.
Furthermore, despite the fact that BONK itself does not possess any actual value or fundamentals, the fact that it is relatively young in compared to other meme currencies that have been around for longer puts it in a position to continue to gain disproportionately from market-wide rallies.
Aside from the approvals of exchange-traded funds (ETFs) that took place the previous week, the market is also anticipating the next Bitcoin halving, which is scheduled to take place in April.
The price of BONK, which is a SOL-based currency and hence benefits from the expansion of Solana, is anticipated to witness significant increases as a result of this occurrence, which may potentially heighten bullishness in the months to follow.
There is a possibility that it may hit $0.00002 during the following few weeks, and then it will escalate to $0.00003 by the middle of the year.
