The Bonk price has recovered by 1.5% in the past hour, returning to $0.00002289 after suffering a 4% drop earlier this morning.
The Solana-based meme coin is now up by 10% in a week and by 37% in the past month, while also sitting on a massive 11,300% increase in the past year.
The last few days have seen a significant rise in BONK’s trading volume, which has lifted from under $200 million over the weekend to more than $400 million today.
This signals growing demand for Bonk, which looks ready to end the week strongly.
Bonk Price Forecast: 4% Drop as $400 Million Hits the Market – Is Now the Time to Buy?
After dipping overnight, it looks as though BONK is ready to rebound over the next day or so.
It’s significant that its current price has risen above its 30-period moving average (orange), which itself is rising above the 200-period average (blue).
This signals how the coin has entered a growth spurt, while its relative strength index (purple) has jumped above 50, another sign of growing demand.
Source: TradingView
What’s interesting about the BONK price right now is that it’s about to test its current resistance level (red), which stands at around $0.00002430.
If it can break through this level, we may see more sustained gains in the next couple of weeks.
That said, its medium-term momentum should mean that, even if it falls down from its resistance, it will rise back up soon afterwards.
Probably the most promising sign that it will break through its resistance is that its volume has more than doubled in a couple of days.
At over $400 million, this suggests a sudden uptick of interest from whales, with one large BONK trader still sitting on a fortune of 2.4 trillion BONK (worth around $55 million).
This highlights an expectation that BONK’s incredible 2024 isn’t over yet, with whales banking on further rallies.
This is a reasonable assumption, given that the market as a whole is picking up again, with Bitcoin pushing past $67,000 today.
It’s likely that we’ll see at least one more rate cut from the Fed this year, something which would boost bullishness even further.
In such a context, the Bonk price should reach $0.000030 by the end of November.
New Meme Tokens with Stronger Fundamentals.
Bonk is one of the biggest meme coins in the market right now, but its shelf life as a leading meme token could be limited, with new candidates likely to take its place sooner or later.
We could possibly see some of the current wave of presales becoming the next viral tokens in the market, particularly if they hold popular sales.
One coin doing just this is Flockerz (FLOCK), a new ERC-20 token that has already raised more than $700,000 in its sale.
Flockerz is a rare example of a vote-to-earn token, which rewards holders for participating in governance votes.
Every major decision concerning its development and growth will be put to its community, who will receive greater rewards the more they participate in decision-making.
As an Ethereum-based token, FLOCK will also be open to staking, meaning that holders will earn a regular passive income in addition to any voting rewards.
Given this combination, demand for Flockerz could be high, with the coin allocating 20% of its 50 billion supply to its presale.
Another 25% will go to staking, as well as 25% for governance rewards.
Any investors interested in FLOCK can join its presale by going to its official website, where they buy the coin at a price of $0.005793 per token.
Its sale will have 50 stages in total, meaning that this price will end considerably higher by the time the token lists.
And once it lists, Flockerz’ early success would suggest that it could rally big.
The post Bonk Price Forecast: 4% Drop as $400 Million Hits the Market – Is Now the Time to Buy? appeared first on Cryptonews.
This articles is written by : Fady Askharoun Samy Askharoun
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