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Cryptocurrencies turned red yesterday due to the fluctuation in BTC prices, and this trend continues as of the time of writing. We had recently shared a comprehensive review of the situation through the ETF channel. Data from April 1st indicates that BTC prices could fall further in the coming hours. But what’s the current situation specifically for BONK Coin? What should investors expect?
BONK Coin Commentary
BTC is trading below $69,500 as of the time of writing, and many cryptocurrencies have experienced losses ranging from 2% to 9%. Since the king cryptocurrency could not test its all-time high (ATH) of $73,777, we have seen a weakening in the price performance of altcoins. This is the primary reason for the halt in BONK Coin’s rise.
On the other hand, the RSI has seen a significant drop from 79 to 67 over the past 20 days. The RSI, which measures investor demand, is now approaching the neutral zone of 50 after heading towards the peak of the overbought level. This picture, indicating that investor appetite has reached saturation, tells us that a consolidation phase may have begun.
Investor Activity
Since there’s an important detail here, we should also briefly discuss BONK Coin investor activity. On March 4th, daily transactions reached an all-time high of 187,000. This indicated that more investors were showing interest in the popular meme coin and making purchases.
However, after this peak, we saw a retreat in the number of transactions along with the price. On March 23rd, the transaction count tragically dropped to 22,200, hitting a 30-day low. Although it rose to 51,600 on March 28th, by the end of the month, it had fallen back to around 29,300.
The number of active traders has similarly retracted. So what’s the result? The result is that the RSI and other details mentioned indicate that investor interest has faded, or at the very least, has entered a consolidation phase. This means prices could fall further.
BONK Coin Price Prediction
Moving averages are also signaling consolidation in the price chart. This period can be dull, and considering the negativity in BTC prices, it could signal further declines in the short term. Currently, BONK is flirting with support levels at $0.000024 and $0.000021. We will likely see these areas tested soon. In extreme sell-offs, prices could dip to $0.0000195.
In the opposite scenario, if interest increases and BTC prices aim for the ATH zone, we might see BONK Coin testing the resistance at $0.000035.
