2024

United

Million

Bonk

Coin

<p><a href="https://www.thecoinrepublic.com/price-prediction/bonk1/">BONK</a>, a Solana-based memecoin, recently consolidated within a falling wedge pattern. BONK price underwent a severe reversal from the supply zone of the $0.00004200 mark.</p> 
<p>It has corrected over 60% in the last three months and conveyed a significant bearish trend.&nbsp;</p> 
<p>The token has lost over half its value from the 52-week high. It has continued to form the lower lows and struggled at the crucial pivot of $0.00001600.</p> 
<p>The token displayed a losing streak this week with over 15% price decline. Notably, the memecoin price sailed below the 200-day EMA mark and struggled to attain a bullish reversal.&nbsp;</p> 
<h2 class="wp-block-heading" id="h-bonk-partnered-with-baseball-united"><strong>BONK Partnered with Baseball United</strong></h2> 
<p>Baseball United has announced that Bonk (<strong>BONK</strong>) is the presenting partner for the next baseball season, 2024-25. This partnership aims to break the barriers between sports and digital currency,&nbsp;</p> 
<p>This endorsement could take the league and the crypto asset to a different level of recognition.</p> 
<h2 class="wp-block-heading" id="h-bonk-price-action-analysis"><strong>BONK Price Action Analysis</strong></h2> 
<p>For the past three months, the memecoin has been unable to hold momentum and traded under bearish influence. A bearish crossover was noted, and the token fell below the key moving averages.</p> <iframe loading="lazy" title="Santiment Chart: Price (BONK), Volume (BONK)" width="800" height="425" src="https://embed.santiment.net/chart?ps=aave&amp;pt=AAVE&amp;df=2024-02-17T18%3A29%3A59.234Z&amp;dt=2024-08-17T18%3A29%3A59.234Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bprice_usd%3Bbonk1%3BBONK%5D%3B%5B1%3Bvolume_usd%3Bbonk1%3BBONK%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe> 
<p>Going forward, the token reached the edge of its demand zone around $0.00001500. Until the memecoin held the mark, the further selloff could not hit the bulls.&nbsp;</p> 
<p>However, if it breaches, the next bearish leg would settle around the $0.00001300 mark in the short term.</p> 
<p>When writing, the <strong>BONK token</strong> traded at $0.00001752 with an intraday drop of 5.20%, reflecting bearishness on the charts.&nbsp;</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24BONK&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BONK</a> is not safe on next <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> squeeze <a href="https://t.co/KTL4XtpSv3">pic.twitter.com/KTL4XtpSv3</a></p>— Waleed Ahmed (@Waleedahmed234) <a href="https://twitter.com/Waleedahmed234/status/1824504605352300798?ref_src=twsrc%5Etfw">August 16, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>With a market cap of $726.93 Million, the memecoin secured the 54th rank and had a total supply of 99.19 trillion.</p> 
<h2 class="wp-block-heading" id="h-have-on-chain-metrics-stayed-bearish-or-turned-bullish"><strong>Have On-Chain Metrics Stayed Bearish or Turned Bullish?</strong></h2> 
<p>Despite the price drop of over 5% intraday, the price volatility line declined. It noted lower selling pressure with a lack of volume participation. That might be a sign of bottoming out, and the memecoin may find support here.</p> <iframe loading="lazy" title="Santiment Chart: Price Volatility 1d (BONK), Weighted sentiment (Total) (BONK)" width="800" height="425" src="https://embed.santiment.net/chart?ps=aave&amp;pt=AAVE&amp;df=2024-02-17T18%3A29%3A59.234Z&amp;dt=2024-08-17T18%3A29%3A59.234Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bprice_volatility_1d%3Bbonk1%3BBONK%5D%3B%5B1%3Bsentiment_volume_consumed_total%3Bbonk1%3BBONK%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B" scrolling="no"></iframe> 
<p>Amid the price decline, the investors have maintained low conviction for BONK, as the curve is below the zero line. It meant a negative sentiment for the memecoin.</p> 
<p>The lack of follow-up on the upside hinted at a lack of conviction from buyers and a potential pullback to bottom support.&nbsp;</p> 
<p>During last week’s market recovery in most crypto altcoins, BONK bulls tried to gain momentum. However, they failed to bisect the 200-day EMA barrier and capped the downside.</p> 
<h2 class="wp-block-heading" id="h-the-funding-rate-looks-negative"><strong>The Funding Rate Looks Negative</strong></h2> 
<p>The Bonk memecoin’s funding rate was at -0.0120% at press time. Generally, a negative funding rate value means most traders are taking short positions, a sign of a bearish trend.</p> 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="240" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-201-1024x240.png" alt="Funding Rate Data | Source: Coinglass" class="wp-image-669986" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-201-1024x240.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-201-300x70.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-201-768x180.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-201-150x35.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-201-696x163.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-201-1068x250.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-201.png 1376w" sizes="(max-width: 1024px) 100vw, 1024px">
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  Funding Rate Data | Source: Coinglass
 </figcaption>
</figure> 
<p>Furthermore, the futures Open Interest (OI) depicts fresh short additions activity, as the OI spiked over 7% to $6.56 Million in the past 24 hours.</p> 
<p>If the bearish trend continues, the memecoin might face challenges crossing the 200-day EMA mark near $0.00002000. It could gain further ahead.&nbsp;</p> 
<p>The prompt resistance was placed around $0.00001860, followed by $0.00002100.</p> 
<p>At the same time, the immediate support zone was near $0.00001650, followed by the $0.00001580 mark.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/08/18/bonk-price-prediction-can-bulls-reclaim-their-strength/">BONK Price Prediction: Can Bulls Reclaim Their Strength?</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

BONK Price Prediction: Can Bulls Reclaim Their Strength?

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