What Could Be Possible Price Action for Surge In BONK Crypto?

• The BONK crypto has declined by 69% from its all-time high price. 
• The BONK crypto has a very high supply inflation.

BONK is a community coin for Solana dApps, rewarding user participation and governance. It was launched by Dexlab in 2017 and is supported by Helio and Famous Fox Federation. 

BONK is used for voting, airdrops, BONKDAO, ecosystem development, and long-term incentives. BONK integrates with multiple chains and supports DeFi and gaming.

Bonk crypto is highly volatile as its current volatility is 12.38% and the market cap dominance of the crypto is 0.04%. The fear and greed index indicates greed for the crypto, according to CoinCodex.

The crypto has high liquidity on its market cap and the current market cap is $673.35 Million, which has increased by 1.63% in the last 24 hours. On the other hand, the trading volume of the crypto has declined by 39.67%.

The value of traded volume for the crypto in the last 24 hours is $51.52 Million and the circulating supply is 63.33 Trillion BONK. Additionally, the total supply of the crypto is 93.62 Trillion BONK while the max supply is 100 Trillion BONK.

BONK Crypto Derivatives Analysis

The long liquidation for the crypto recorded in the last 24 hours comes up to $30.00K and the short liquidation is $16.36K. It is trading with a long/short ratio of 0.8779.

The derivatives trading volume of the crypto has declined by 49.2% while the open interest also declined by 1.3% to $2.54M.

BONK Crypto Technical Analysis

The BONK crypto price is consistently facing profit booking from the higher levels due to which the price is forming lower highs on the chart. This behavior of the price has led to a decline of more than 50% from the all-time high.

This behavior of the crypto is indicative of a strong downtrend in the price which might lead to further lows in the upcoming sessions.

BONK/USD Chart by TradingView

The 20-day and the 50-day EMAs have formed a fresh bearish cross on the charts while the 50-day and the 200-day EMAs are still forming a golden cross. Despite this, the price of the crypto has declined below the 50-day EMA and is declining towards the 200-day EMA.

The MACD and the signal lines overlap with each other below the zero level with the formation of bearish histograms on the chart which shows the sellers presence in the market.

The RSI has declined below the 50-level and is situated close to 14-day SMA, indicating a lack of momentum in the crypto price. 

Summary

BONK is a meme coin on Solana that has lost 69% of its value from its peak. It faces high supply inflation, low trading volume, and bearish technical indicators. BONK is in a strong downtrend and could sink lower if it breaks below the 200-day EMA. 

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.