During the previous twenty-four hours, the price of Bonk has increased by a meager 0.5%, hitting $0.00001171. This comes at a time when the cryptocurrency market is seeing a little decline.
Although BONK has had a decline of 10% in a week and a decrease of 5% in a fortnight, the famous meme currency has still experienced an increase of 3% and has increased by an astounding 1,400% in the previous year.
After a drop over the weekend, Bonk's trading volume has been able to surpass $50 million today, despite the fact that the company has made several recent mistakes.
However, in order for the currency to have a genuine return, it will be necessary for it to acquire more momentum. The current volume is still much lower than the levels that it recorded in January and December.
Notable is the fact that BONK has seen a decline of 2% over the course of the last hour, which has placed its chart and indicators in a weaker and unpromising position.
Given how much it has been battling for form in recent times, its relative strength index (purple) has dropped from about 48 to 45 this morning, and it seems that it might continue to go lower.
After seeming to be regaining some momentum over the last week, the 30-day moving average of the coin, which is represented by the color yellow, is now showing a very modest downward trend.
All of these wobbles that have occurred today would indicate that further dips are on the way in the near future. The current price of BONK seems to be in a position where it may challenge its support level, which is represented by the color green.
The possibility exists that it will lose even more power if it falls below 0.0000110, as traders would likely reduce their losses and drive it down even more.
When you look at BONK's charts, you will see that its rallies (and volume surges) since the middle of December have been increasingly less significant. This is one of the most unsettling aspects of the stock.
This is a negative indication because it indicates that the market is getting less interested in BONK, which has finding it difficult to reproduce its bullish performance from December. This is a sign that should be avoided.
This is in spite of the fact that the overall market has shown significant signs of improvement at various stages over the course of the last month or so.
Even Nevertheless, there are still whales that are holding onto significant quantities of BONK, despite the fact that the token still has more than 600,000 holders.
With owners continuing to hold onto coins in the assumption that it would bounce sooner or later, this provides a glimmer of optimism that the meme currency may return in a substantial degree in a very short amount of time.
Because of this, it is possible that it may reach $0.000020 over the next few months, with the assistance of continuous bullishness due to Bitcoin ETF volumes and the forthcoming halving of Bitcoin.
