Bonk Price Prediction as BONK Tumbles 19% Overnight – Time to Buy the Dip?
The Bonk price dropped by as much as 19% overnight, as investors took profits following a bullish period for the meme coin and wider market.
At $0.00002918, BONK is now down by 14.5% in the past 24 hours, yet it remains up by an impressive 36% in the last seven days and by 190% in the last 30.
Given that last night’s dive is a correction in the context of a wider bull market, it’s likely that BONK will recover soon enough.
In fact, an oncoming alt season may help it reach new heights, after the coin reached a new all-time high earlier in the week.
Based on an inspection of BONK’s chart, the coin may need to correct a little further before it returns to growth.
Its relative strength index (purple) has dropped from an overbought 90 a few days to just under 70 today, and it looks like it could fall further.
Having said that, BONK’s 30-day average (yellow) has only recently begun rising further beyond its 200-day (blue), indicating that it remains in the middle of a growth spurt.
This view finds support in the coin’s trading volume, which has risen from around $35 million a month ago to $600 million today.
In other words, interest in BONK remains high, and is probably high enough to produce a rebound in the coming days.
Today the price of $BONK has increased by more than 50%!
A SmartMoney accumulated 98B $BONK($1.54M) from #Binance again before the price increased.
He currently holds 319.44B $BONK($7M), with a profit of $2.9M.https://t.co/1oXGa1QlKp pic.twitter.com/TXYw2H07yz
— Lookonchain (@lookonchain) February 29, 2024
As the tweet above shows, whales have been buying BONK again in the past week or so, with the whale mentioned above currently sitting on a trove of some 470 billion BONK.
This would imply that larger, savvier investors
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