Bonk price prediction: The cryptocurrency market is in the red and this could be causing worry and fear among investors. As discussed in the Bitcoin price forecast, declines could extend to $66,000 and $64,000, confirming a profound bearish trend this week. If this bearish scenario takes root, it would be difficult for altcoins to establish

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Bonk Price Prediction:

Bonk price prediction: The cryptocurrency market is in the red and this could be causing worry and fear among investors. As discussed in the Bitcoin price forecast, declines could extend to $66,000 and $64,000, confirming a profound bearish trend this week. If this bearish scenario takes root, it would be difficult for altcoins to establish a recovery framework hinting at more losses in June.

However, the bearish outlook has not affected all cryptocurrencies. According to CoinGecko’s data, Bonk, a well-known meme coin in the Solana ecosystem, is in the green after maintaining a 4% surge in 24 hours to hover at $0.00002785.

With a 35% increase in the trading volume to $331 million, Bonk seems to be a favorite of traders on Tuesday. Unlike other altcoins to buy this week, BONK upholds a 1.18% spike in the market cap to $1.89 billion, underscoring the bullish grip further.

Bonk Price Prediction: On The Cusp Of Validating Larger Breakout

After climbing to $0.0000444 on May 28, Bonk started to struggle under the influence of the investors taking profits. The downturn coincided with a general bearish trend in the market.

Bonk price declined within the confines of two trend lines slanting to the right, thus forming an almost mature falling wedge pattern. The upper trendline signified intensifying resistance while the lower trendline ensured that the meme coin did not get into a vicious tailspin.

Several tentative support areas failed to absorb the selling pressure including areas marked by the Exponential Moving Averages (EMAs) such as the 20-day EMA in blue, the 50-day EMA in red, and the 200-day EMA in purple.

Bonk price prediction chart | Tradingview
Bonk price prediction chart | Tradingview

The bearish trend continued until BONK hit $0.000026. Due to the solid buyer congestion in this area, a recovery started, ignoring the sell-off in the market ahead of the CPI data to be released on June 12.

Bulls seem to be regaining strength as observed with the Relative Strength  (RSI) as it rebounds into the neutral area above 30. Should the uptrend in the RSI continue toward the overbought, the path of least resistance will flip upwards.

Bonk is also required to reclaim position above the 20-day EMA currently at $0.000028 and push for a daily close. Such a development will help solidify the bullish comeback and validate the uptrend going into the weekend.

The presence of the falling wedge pattern is another bullish signal that cannot be ignored by traders. A break above the upper trend line will validate the pattern’s impact on the price.

Traders can enter more buy orders slightly above the trend line anticipating a larger breakout targeting $0.00004. A spike in volume is expected to accompany the breakout.

The RSI must also breach the descending trendline to break the bearish divergence formed with the price. Such a move will go a long way in validating the trend reversal.

Further losses below the wedge pattern cannot be ruled out. However, if they happen, traders can DCA thus lowering the average entry position and maximising profits when Bonk price recovers past $0.00004.

The post Bonk Price Prediction: Will Solana Meme Coin Sustain 4% Surge in a Bloody Cryptocurrency Market? appeared first on CoinGape.