Bonk Price Prediction as $300M Sends BONK Down 22% – Time to Buy the Dip?

Last updated: March 19, 2024 7:47 am EDT | 3 minutes of reading

THE Bonk price plunged 22% over the past 24 hours, falling to $0.00002036 on a day when the crypto market as a whole lost 8%.

Today is a bad day for the market in general, with a flash crash on BitMEX yesterday it sent Bitcoin (BTC) as low as $8,900, but it appears to be coins such as BONK that are suffering the most.

Indeed, BONK is now down 31% in one week and 48% in two weeks, even if it maintains a gain of 53% over the last 30 days.

This suggests that it and the market retain enough mid-term momentum to recover soon enough, with yesterday’s sell-off presenting a great opportunity to buy the dip.

Bonk Price Prediction as $300M Sends BONK Down 22% – Time to Buy the Dip?

Based on BONK’s chart, now appears to be a great time to buy the dip, with the coin’s indicators suggesting that it is about to hit its lowest level.

His Relative Strength Index (purple) just rebounded to 30 after hitting 20 earlier this morning, a sign that he’s taken enough damage for now.

Source: TradingView

BONK’s 30-day average (yellow) has also fallen to what appears to be a low point compared to the 200-day average (blue), another sign that it should soon move back up.

That said, the coin’s support level (green) also suggests that it could suffer more losses before a recovery arrives.

Also worrying is that BONK’s 24-hour trading volume remains relatively low compared to early March highs, falling from nearly $2 billion on March 5 to just over $300 million today .

This suggests that traders cannot exit their positions without accepting large price reductions, which likely caused the Bonk price to fall today and yesterday.

Investors should therefore probably expect additional difficulties before the situation begins to improve.

Bonk’s ability to recover will largely depend on the trajectory of the broader market, which has been very bullish in recent weeks but suffered a sharp downgrade after a series of profit-taking.

However, the existence of Healthy Bitcoin ETF Volumesas well as the approach of the upcoming Bitcoin halving should help the price recover fairly quickly.

This includes the price of Bonk, which could return to $0.00002036 in the coming weeks.

New Altcoins Show Great Rally Potential

For anyone worried that BONK has performed during the current cycle, there are new alternatives to consider that could rally significantly in the coming weeks.

This includes several pre-sale tokens, which often tend to generate considerable momentum as they prepare to be listed on exchanges.

One piece that does this now is Green Bitcoin (GBTC)an ERC-20 token that opened its sale a few weeks ago and has already raised more than $6 million.

As the name suggests, Green Bitcoin is an environmentally friendly version of Bitcoin (BTC), in that it has a capped supply of 21 million tokens while also running on the Ethereum blockchain (which uses much less energy than PoW coins).

More interestingly, GBTC will have a new earnings prediction staking model, which prompts bettors to predict future price movements of the original BTC.

Those who predict correctly receive larger staking rewards, which holders can also increase by keeping their tokens locked longer.

Such a system is likely to not only invite greater commitment to Green Bitcoin, but also encourage more holders to stake their tokens.

By extension, removing GBTC from circulation should have the effect of increasing its price over time.

These elements should all help make Green Bitcoin a popular coin, with its presale also attracting investors because it gives them the opportunity to make up for the shortfall in BTC when its price was in the modest $1 region.

Newcomers can join its presale by going to the official website of Green Bitcoinwhere they can buy GBTC at a price of $1.0682 per token.

This price will increase slightly with each new presale stage, while it could increase once the token is listed.

Visit Green Bitcoin Now

Warning: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose your entire capital.

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