The meme coin market is recovering, at least in some parts, and BONK has been showing some muscle to be part of the rebound. The token with a dog motif has had a price spike of more than 40% in the past month, reflecting a similar pattern observed among other competing meme currencies.
The current surge in value occurs as a result of optimistic attitudes towards the cryptocurrency industry, partly driven by the much-anticipated endorsement of an Ethereum Exchange-Traded Fund (ETF). Many analysts anticipate BONK making a comeback in the future, although a few are not certain.
Analyst Bullish On New ATH For BONK
The well-known cryptocurrency expert CryptoJack has been actively monitoring the price fluctuations of BONK. According to a recent research, he emphasised that the currency is exhibiting a bullish pattern that he previously explained.
The price of $BONK is doing exactly what I said it would do in my analysis last week.
It was rejected by the resistance and now needs to bounce from the orange area of support to stay bullish.
If we can stay above this area, I am expecting new ATHs very soon for #BONK! pic.twitter.com/j3Abd7J5YA
— CryptoJack (@cryptojack) May 30, 2024
The most that a BONK was ever worth was $0.00004547, which happened in March 2024. At the moment, it costs about 25% more than it does now. Even though this historical peak shows that growth is possible, many experts are still being careful.CryptoJack uses basic analysis, a way of predicting future trends by looking at how prices have moved in the past. It is important to note that technical analysis is not infallible.
Meme Coin Frenzy: Booms And Whimpers
The meme coin market is predominantly influenced by hype and social media trends rather than underlying fundamentals. This phenomenon can result in significant and sudden surges in prices, as well as equally dramatic declines. Recall the instances when Elon Musk, sometimes known as the “Dogefather,” made casual tweets that caused a rapid surge in Dogecoin pricing, only to witness a subsequent sharp decline. BONK is susceptible to such impacts.
BONK Price Forecast
According to the current price projection, Bonk is expected to increase by a significant 226%, hitting $0.000112 by July 1, 2024. The significant rise indicates a strongly positive long-term perspective, notwithstanding the current negative attitude suggested by technical indicators.
The Fear & Greed Index, which presently stands at 72, indicates a significant degree of greed prevailing in the market. The indicator quantifies market mood, with a rating of 72 indicating that investors are displaying robust purchasing activity, maybe motivated by the anticipation of future profits.
Nevertheless, excessive levels of avarice frequently result in overbought circumstances, wherein the price of the asset may be artificially inflated above its inherent worth, hence increasing the likelihood of a significant correction.
Featured image from Pngtree, chart from TradingView