BONK has gained by a modest 0.5% in the past 24 hours, with the Bonk price reaching $0.00001171 as the crypto market falls fractionally today.
BONK has now dropped by 10% in a week and by 5% in a fortnight, although the popular meme coin is still up by 3% and by a whopping 1,400% in the past year.
Despite recent missteps, Bonk’s trading volume has crept beyond $50 million today, after a dip over the weekend.
Yet the coin will need to gain more momentum if it wants to stage a proper comeback, with this volume still way below levels it recorded back in January and December.
Bonk Price Prediction as Trading Volume Shoots Past $50 Million – BONK Making a Return?
Notably, BONK has fallen by 2% in the past hour, putting its chart and indicators in a weakened – and unpromising – position.
Its relative strength index (purple) has slid from around 48 to 45 this morning, and looks like it could sink lower, given how much it has been struggling for form recently.
Source: TradingView
Likewise, the coin’s 30-day moving average (yellow) is declining very slightly after looking like it might be regathering some impetus last week.
Together, these wobbles today would point towards further incoming drops in the near term, with BONK’s current price currently looking like it may test its support level (green).
If it dives below 0.0000110 it could lose even more strength, with traders cutting losses and driving it down further.
BONKUSDT
Buy BONK when the price dips to $0.00001 pic.twitter.com/V46ZVi195N
— DANIEL CHIDERA UKPABI (@ChideraUkpabi) February 22, 2024
What’s particularly disturbing about BONK is that, if you look at its charts, its rallies (and volume spikes) since mid-December have grown progressively slighter.
This is a bad sign because it suggests that the market is becoming increasingly less interested in BONK, which has found it challenging to replicate its bullish performance from December.
This is despite the fact that the broader market has rallied substantially at points over the past month or so.
Still, some whales continue to hold onto large amounts of BONK, while the token still has over 600,000 holders.
This holds out hope that the meme coin will recover in a significant way soon enough, with owners still holding onto coins in the expectation that it will bounce sooner or later.
It could, therefore, reach $0.000020 in the next few months, helped by ongoing bullishness related to Bitcoin ETF volumes and the upcoming Bitcoin halving.
New Altcoins with Strong Rally Potential
By this point, many traders may have more or less given up on BONK, even if the market has arguably undervalued it.
If so, they would do well to investigate some of the many promising new tokens in the market, including coins that look ready to surge once they begin adding new listings.
A prime candidate for this is Sponge (SPONGE), an ERC-20 cryptocurrency that recently launched the second version of its token.
It has risen by more than 150% since listing on Uniswap earlier in February, with the coin holding onto all of its gains.
Source: DEXTools/TradingView
SPONGE V2 has attracted plenty of early attention by virtue of the improvements it offers over its predecessor.
Its main advantage is an updated staking model, which offers with a minimum yield of 40% APY.
At the moment, however, this yield has moved into triple figures, with its rate varying according to how many stakers there are and how many tokens they’ve staked.
The other interesting new feature of SPONGE V2 is that it will be the native token of an upcoming P2E racing game.
Set in the SPONGE world, this game will enable players to compete against each other to rank the highest on an international leaderboard.
Players will earn SPONGE tokens according to where they rank, with the game – as well as the coin’s staking system – likely to boost demand for SPONGE.
On top of this, the coin is likely to rally massively when it lists on exchanges, with its first version famously surging when it listed for the first time in April 2023.
Traders can currently acquire the meme coin via either Uniswap or the official Sponge website.
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