BONK Price Plummets 10% as $300M Volume Drives Prices Lower – What’s Next?

Harvey Hunter

Last updated:

July 4, 2024, 10:14 EDT | 2 min read

Over the past 24 hours, the BONK price has undergone a substantial 10.43% pullback, contributing to an overall 9.6% decline in the meme coin sector. Technical indicators suggest that further decreases may be on the horizon.

This has almost completely reversed BONK’s progress since last Thursday, sitting at only a 0.47% gain. While noteworthy, it is less severe than the losses experienced by major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), which have retraced.

Although BONK has dropped by 31.52% this month, it still boasts an impressive annual return of 6,276.37%, significantly outpacing other leading cryptocurrencies.

Additionally, BONK’s trading volume has decreased by 4.10% to $278.87 million in the last 24 hours, signaling a reduction in trading activity.

Bonk Price Bounces From Support – What’s Next?

After significant losses this morning, it appears that Bonk is gearing up for further downside.

Most notably, BONK’s price seems to have found some strength after a successful bounce from the $0.00002161 support level (grey). While this suggests that BONK is finding its footing, other indicators suggest this might be only temporary relief.

This is supported by the relative strength index (purple), which has settled around 45, up from 15 just 12 hours earlier.

This represents a transition away from an oversold state to a more neutral one, hence providing “relief.” Despite this, an RSI of 45 still errs on bearishness.

Significantly, the 30DMA (yellow) is on a steep decline. Notably, it has recently crossed below the 200DMA (blue), which is on a neutral trajectory.

This indicates strong bearish short-term momentum and a potential shift in the longer-term trend from neutral to negative. Therefore caution is warranted, as further declines may be ahead.

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With BONK already boasting a substantial market cap of $1.50 billion, there is a very real likelihood that its biggest gains are already in the past.

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