The meme coin market is back in the spotlight, and BONK is no exception. Last month, the price of the dog-themed token rose by more than 40%, reflecting a broader trend among rival meme coins.
This recent surge comes amid positive sentiment around the cryptocurrency market, fueled in part by the long-awaited approval Ethereum ETFs. Analysts are cautiously bullish about BONK’s future, with some predicting a potential return to record levels.
Analyst bullish about the fresh ATH for BONK
Renowned cryptocurrency analyst CryptoJack closely follows the price movement of BONK. In a recent analysis, he highlighted that the coin is following the bullish pattern he outlined earlier.
Price $FUCK it does exactly what I predicted in my analysis last week.
It has been rejected by resistance and now needs to bounce off the orange support area to remain bullish.
If we can stay above this area, I expect fresh ATHs soon #FUCK! pic.twitter.com/j3Abd7J5YA
— CryptoJack (@cryptojack) May 30, 2024
However, CryptoJack highlights the importance of a key support level – visualized as the “orange zone” on the charts. If FUCK can maintain its position above this zone, the analyst predicts a potential breakout and a pointed rise towards fresh all-time highs (ATH).
BONK’s all-time high of $0.00004547, reached in March 2024, is currently approximately 25% above the current price. While this historic high suggests room for growth, some experts remain cautious. Technical analysis, the method used by CryptoJack, relies on past price movements to predict future trends, but it is not a foolproof science.
Meme Coin Frenzy: Boom and whine
The meme coin market has a reputation for being driven more by media hype and social media trends than fundamentals. This can lead to pointed price increases, but also to equally dramatic crashes. Remember Elon Musk’s off-handed “Dogefather” tweets that sent Dogecoin prices into a frenzy and then crashed just as quickly? BONK is not immune to such influences.
BONK price forecast
Meanwhile, based on current price forecasts, Bonk is expected growth by an impressive 226%, reaching $0.000112 by July 1, 2024. This significant raise suggests a highly bullish long-term outlook despite the current bearish sentiment indicated by technical indicators.
The Fear and Greed Index, currently at 72, indicates a high level of greed in the market. This index measures market sentiment, and a reading of 72 indicates that investors are exhibiting robust buying behavior, likely fueled by expectations of future earnings.
However, such high levels of greed can often lead to overbought conditions where the price of an asset can be inflated above its intrinsic value, increasing the risk of a pointed correction.
Featured image from pngtree, chart from TradingView
