BONK has established itself as the third-largest meme coin in the cryptocurrency market, trailing behind the renowned Dogecoin (DOGE) and Shiba Inu (SHIB), according to CoinMarketCap data. It also holds a position among the top 100 cryptocurrencies globally, highlighting its significant presence within the digital asset landscape.
As of the latest figures, BONK boasted a market capitalization of $811,705,546. The 24-hour trading volume stood at $85,783,812, showcasing considerable activity and investor interest. In terms of its token metrics, BONK revealed a circulating supply of 63,333,513,043,628 tokens, accounting for approximately 67.72% of its total supply.
Bonk Coin: Technical analysis
Bonk Coin price history – Image via TradingView
Since the onset of 2024, BONK has navigated through significant bearish challenges. It was initially undervalued in the first week of January. This suggested a potential for price appreciation.
Subsequently, a surge propelled the price to its peak resistance at $0.000016 within the analyzed timeframe. However, this peak was followed by a rejection, initiating a downtrend that persisted until the price found support at $0.0000098, preventing further declines.
As February progressed, there was another bullish attempt to elevate the price beyond the resistance at $0.000012. Despite crossing this threshold, the price failed to sustain above the higher resistance level of $0.000013, resulting in another dip.
At the time of writing, BONK was trading at $0.0000128, edging closer to its support level at $0.000012. Over the past week, BONK’s price has declined by 1.4%, with an approximate 3% decrease observed in the last 24 hours.
This indicated that selling pressure has intensified, potentially due to investors taking profits or reacting to broader market conditions.
Indicator insights
The asset’s performance was reflected in its indicators. The Relative Strength Index (RSI) exited the oversold territory in the second week of January, staying below the midpoint of 50 until after the first week of February.
The February rally marked a positive shift in the market, evidenced by the RSI reaching 61.03 mid-month, coinciding with the price momentarily surpassing $0.000013. However, the RSI fell to 51.52 following the price decline, suggesting a weakening of bullish momentum.
The Chaikin Money Flow (CMF) indicator also showed interesting movements, entering positive territory as BONK tested its peak resistance. Despite a dip below zero by the end of January, it rebounded in February, with its current value at 0.08.
The trading volume mirrored these market dynamics, starting low and increasing with the price surge in January. However, it declined following the downturn and, despite a slight recovery in February, has not reached the peak levels observed during the initial surge.
The recent price rejection was again accompanied by a decrease in trading volume, indicating a cautious market sentiment.
BONK price prediction: 2024
Reviewing the overall performance of the BONK, it reached its all-time high (ATH) in December 2023, a milestone that aligned with its listing on Coinbase—a phenomenon often referred to as the “Coinbase effect.”
This event significantly boosted the token’s price, underlining its legitimacy and expanding its visibility due to Coinbase’s extensive user base.
Despite this peak, the token’s value has seen a decline since. However, the market still showed a hint of bullish sentiment. Over the last month, the token appreciated by approximately 10%, and it has seen an impressive year-over-year increase of about 1300%. This performance is considered favorable for the token.
Looking ahead, as BONK approaches its current support level, the asset’s ability to sustain or rebound from this point could signal its short-term trajectory and investor confidence in its value stabilization or potential for recovery.
Moreover, if the bulls can sustain a rally and break through the resistance level at $0.000016, BONK could potentially be closer to approaching its ATH once more.
Achieving this would necessitate a significant shift in market dynamics alongside positive developments that could foster a strong buying sentiment within the market.
For 2024, a speculative yet optimistic target price for BONK could be $0.00002, assuming the sentiment in the market shifts favorably.
Conversely, a reversal to bearish sentiment could see the price falling back to its lowest support level, posing a critical challenge for the bulls to uphold the support level and avert further declines.
