By CryptoNews - 3 months ago - Reading Time: 4 minutes
Bonk Price Prediction as BONK Makes a 30% Comeback – Can It Lead the Meme Coin Rally?
BONK has dropped to $0.00001269 today, with the Bonk price suffering a 9% loss as the crypto market falls by 1% in the past 24 hours.
Despite its fall, BONK has actually recovered by 30% since succumbing to a one-month low of $0.00000973 on January 8, with the coin still up by a very impressive 900% in the past year.
And given its status as the most hyped and viral meme token of the moment, it could easily see renewed gains in the coming days and weeks, particularly as the wider market becomes more bullish.
Bonk Price Prediction as BONK Makes a 30% Comeback – Can It Lead the Meme Coin Rally?
Given its 9% loss, BONK’s chart is showing plenty of weakness right now, with more losses probable in the near term.
For one, its RSI (purple) has just fallen below the 50 level, indicating that its market is now leaning more towards selling off than buying up.
Source: TradingViewAt the same time, its 30-day average (yellow) has flattened out, implying that it may begin dropping towards the 200-day average (blue) and bringing the coin’s price with it.
The key thing to watch out for now is BONK’s support level (green), which will encounter a test as the token’s price sinks towards $0.0000120.
If it drops decisively below this level, it could trigger further selling, hurting the Bonk price even further.
On the other hand, if the coin’s support level holds up, it could begin consolidating on the fact that it has recovered since its recent December 8 low.
And while its trading volume is now relatively low, at $100 million, this is still comfortably higher than the low levels (e.g. $20 – $30 million) it saw as recently as November.
This smart trader who made ~$6.9M on $BONK spent 386 $SOL($40K) to buy 3.29B $BONK again today!
He accumulated 371.4B $BONK in 9 months at a cost of only 6,998 $SOL($276K) and sold half of the $BONK during the $BONK surge for 50,139 $SOL($5.2M).https://t.co/pOFRD2ndI8 pic.twitter.com/lkgGm13G0e
— Lookonchain (@lookonchain) January 9, 2024
This means that there’s still some interest in Bonk, with one particular whale still holding approx. 236.28 billion BONK at the moment.
And because it continues to find favor with whales, it’s likely to experience new rallies once the market as a whole becomes more bullish and lifts again.
As for when the latter is likely to happen, the market continues to correct after the recent Bitcoin ETF approvals became a sell-the-news event, yet such ETFs are likely to be very positive in the medium- and long-term.
As such, the Bonk price could reach $0.00002 in the next couple of months, and $0.00004 in the latter half of the year.
Alternative Meme Tokens with Big Potential
Because it may take a little more time before BONK’s correction plays out, many traders may prefer to invest in alternative meme coins, including presale tokens due to list soon.
One coin which ticks both boxes is Meme Kombat (MK), an Ethereum-based betting platform that has raised $7 million in its increasingly popular sale.
We've achieved an incredible milestone with $7 million raised in the $MK presale!
Congratulations, everyone! Now, let's rally together to reach $8 million and bring us even closer to our goal! pic.twitter.com/mh0yb8A0Pk
— Meme Kombat (@Meme_Kombat) January 18, 2024
As a gambling platform with a strong social element, Meme Kombat will enable users to place bets on AI-generated meme battles.
Memes will be personified as a characters, with Meme Kombat’s platform using AI to randomize outcomes.
And given that the platform uses the Ethereum blockchain, results will be processed transparently and fairly.
Users will be able to place bets using MK tokens, which they will also receive if they win their bets.
On top of this, they can stake the token, earning themselves a passive income on top of any winnings.
That Meme Kombat has raised so much money already is a sign that it could be a big success once it launches, with its use of playful memes helping it to attract supporters throughout the crypto community.
The sale will continue until it raises $10 million, with new investors able to join by going to the official Meme Kombat website.
MK is currently available at $0.279 per token, a price which may end up seeming very cheap soon enough.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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Original source: CryptoNews