1 BONK crypto price continued to lose ground on Monday and then started the week bitcoin with a bearish bias.
2 BONK/USD price has been on a losing streak for the 6th consecutive day.
Bonk crypto trimmed its intraday gains, continuing the losing streak for the sixth consecutive session on Monday. The crypto stretched lower to near $0.0000109 and resumed its downtrend.
Moreover, the price has dropped near the weekly low value and might hit a new swing low in the coming sessions. Looking at the price performance in the recent sessions, it may be observed that the crypto has erased over 23% in the last week. Also, the price is down over 43% a month and more than 54% in the past three months.
At the time of writing, the Bonk price was at $0.0000109 with an intraday drop of 4.66%. It ranks 86th as per market capitalization with a live market capitalization of 690.701 Million. It has a 24-hour trading volume of 74.531K with a 24-hour rise of 8.79%.
Bonk Crypto Price Action Analysis
The Bonk price has been sliding lower since December 2023. The daily chart showcases that the price has dropped from $0.0000271 to a low of $0.00000904 in the 1st week of January. However, the bulls tried to recover in the 2nd week of January 2024 and were able to drive the price higher for three consecutive sessions.
However, the bulls lost momentum somewhere near the 50-day EMA which turned out to be an opportunity for the sellers to enter at a discounted rate, and the price resumed to decrease thereafter.
Currently, Bonk crypto has returned back to the previous low, the breakdown of which may drag the price to form a new swing low.
Bonk Crypto Technical Analysis
The technical indicators imply a bearish outlook as the price is hovering below key EMAs of 20-day and 50-day. At the time of writing, the RSI was at 34.39 recovering after falling in the oversold zone.
The SMA line was at 40.91 points hovering in the bearish zone. Also, a bearish crossover of the RSI and SMA line is observed on the charts suggesting a negative outlook.
Overall, the BONK crypto price shows a bearish bias in the long term and short term. The technical indicators support the continuation of a downtrend in the coming sessions.
Bonk Price Prediction January 2024
BONK/USD Chart by TradingView
The most optimistic view of analysts assumes the price may attain a high of $0.00001220 by the end of January 2024. However, the pessimistic view of analysts hopes the price could drop to a new low if it weakens more to $0.00000951.
Bonk Price Prediction 2024
The price forecast for the year 2024 is that the BONK token price could reach a high of $0.00001778, suggesting a potential gain of over 65.6% if the most positive conditions prevail. Moreover, the bearish outlook of the analysts hopes the price could reach $0.00001320 by the year-end.
Bonk Price Prediction 2025
By the year 2025, the Bonk price may attain $0.0000239 as the highest price on the positive side. On the flip side, the minimum price up to which the crypto price may rise by the year 2025 is $0.00001812.
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.