After a prolonged period of decline, Bonk (BONK), a Solana-based meme token, appears to be gearing up for a potential rebound as bullish sentiment resurfaces.
Despite the growing optimism surrounding BONK, the current level of demand for the token may not be sufficient to trigger a swift turnaround.
The Bulls Making a Comeback
The Moving Average Convergence/Divergence (MACD) for BONK indicates a shift towards a bullish stance. Currently, the MACD line (blue) is attempting to cross above the signal line (orange), signaling a potential bullish trend reversal.
Additionally, the Parabolic Stop and Reversal (SAR) indicator for BONK has been below the price since August 8, serving as a potential support level.
BONK Price Prediction: Hurdles on the Way
Despite the bullish signals from the MACD and SAR indicators, momentum indicators suggest that the current demand for BONK may not be strong enough to fuel a significant rally.
For instance, the Relative Strength Index (RSI) for BONK remains below 50, indicating a lack of buying pressure compared to selling activity.
Moreover, the Chaikin Fund Flow for BONK is negative, indicating a continuous outflow of liquidity from the market.
If the buying pressure remains subdued, BONK’s price could potentially drop to $0.000015. However, a surge in momentum could propel the price to $0.000022.
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