The meme coin market is back within the highlight, and BONK is not any exception. The dog-themed token has seen a price surge of over 40% within the last month, mirroring a broader trend amongst its rival meme coins.
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This recent rally comes amidst positive sentiment surrounding the crypto market, fueled partly by the long-awaited approval of an Ethereum ETF. Analysts are cautiously optimistic about BONK’s future, with some predicting a possible return to its all-time high.
Analyst Bullish On Latest ATH For BONK
Renowned crypto analyst CryptoJack has been tracking BONK’s price movement closely. In a recent evaluation, he highlighted that the coin is following a bullish pattern he outlined earlier.
The value of $BONK is doing exactly what I said it might do in my evaluation last week.
It was rejected by the resistance and now must bounce from the orange area of support to remain bullish.
If we are able to stay above this area, I’m expecting recent ATHs very soon for #BONK! pic.twitter.com/j3Abd7J5YA
— CryptoJack (@cryptojack) May 30, 2024
Nevertheless, CryptoJack emphasizes the importance of an important support level – visualized as an “orange zone” on charts. If BONK can maintain its position above this zone, the analyst predicts a possible breakout and a surge towards recent all-time highs (ATHs).
BONK’s all-time high of $0.00004547, reached in March 2024, currently sits about 25% above the present price. While this historical peak suggests room for growth, some experts remain cautious. Technical evaluation, the strategy CryptoJack employs, relies on past price movements to predict future trends, but it surely’s not a foolproof science.
BONK price motion within the last 30 days. Source: CoinMarketCap
Meme Coin Frenzy: Booms And Whimpers
The meme coin market has a status for being driven more by hype and social media trends than by underlying fundamentals. This will result in explosive price increases, but additionally to equally dramatic crashes. Remember “Dogefather” Elon Musk’s offhand tweets sending Dogecoin prices right into a frenzy, only to see them plummet just as quickly? BONK is just not proof against such influences.
BONK market cap currently at $2.3 billion. Chart: TradingView.com
BONK Price Forecast
Meanwhile, based on the present price prediction, Bonk is anticipated to rise by a powerful 226%, reaching $0.000112 by July 1, 2024. This substantial increase suggests a highly bullish long-term outlook despite the present bearish sentiment indicated by technical indicators.
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The Fear & Greed Index, currently at 72, points towards a high level of greed available in the market. This index measures market sentiment and a reading of 72 indicates that investors are exhibiting strong buying behavior, possibly driven by the expectation of future gains.
Nevertheless, such high levels of greed can often result in overbought conditions, where the asset’s price could also be inflated beyond its intrinsic value, raising the danger of a pointy correction.
Featured image from Pngtree, chart from TradingView