The leading cryptocurrency fell to $58,402 but was trading at $61,100 at the time of writing. Altcoins turned upwards again with the recent BTC rise. During the decline, most altcoins were already oversold, so no abnormal losses were seen. However, the gains during BTC’s rebound were satisfactory. So, what are the predictions for BONK Coin?
BONK Coin Analysis
BTC price rebounded from the bottom, making meme coins the top gainers in the last 24 hours. BONK, whose market value had dropped by nearly $2 billion in less than two months, was heavily battered in the recent declines. But now, the losses are starting to be compensated.
At the time of writing, BONK was trading at $0.000022. The altcoin saw a 17.20% increase compared to June 24 and reached its highest level since June 20. The social dominance indicator is also motivating for further price increases. According to Santiment data, social dominance reached 0.216%. This means that BONK Coin is being talked about more on social media, indicating a resurgence of interest.
Historical data suggests that an increase in social volume is a precursor to price rises. BONK Coin, which reached a record level of $0.00047 in March, also set a new peak in social volume by exceeding 1%.
BONK Coin Price Prediction
The popular meme coin is 52.4% below its all-time high price. So, it still has a long way to go. The Supertrend indicator signals more upward movement with a price above $0.000020. If the bulls’ expected scenario comes true, we could see a new peak at $0.00025.
The Bollinger Bands (BB) indicate a balance in oversold conditions. The Awesome Oscillator (AO) reflects an increase in upward momentum for BONK Coin. As AO climbs into the positive region, a more encouraging environment for the bulls can be expected.
The key point for BONK Coin, which shares a high correlation with BTC, is the potential fluctuation in BTC price. If Bitcoin falls below $60,000 again, it could trigger rapid sales with deeper dip concerns among investors.
