BONK Price Prediction: Will the Memecoin Reclaim June Highs?

BONK the fifth largest memecoin by market capitalization has experienced considerable price movement over the last seven days. At press time, the memecoin was trading at $0.00002126 on the charts. This marked a 3.29% price hike over the last 24 hours.

BONK, the fifth-largest memecoin by market capitalization, has seen its price fluctuate wildly over the past seven days. At the time of writing, the memecoin was trading at $0.00002126, up 3.29% in the past 24 hours.

Prior to this price action, the memecoin experienced a significant price decline, hitting a low of $0.00001552. This marked a total decrease of more than 50% from its recent high of $0.00003391.

Now, as the memecoin continues to trade below its recent highs, the main question among key analysts is whether or not BONK will experience any further gains. According to popular crypto analyst Manofbitcoin, the memecoin is breaking out of wave 1 of the Elliot cycle wave.

In his analysis, Manofbitcoin suggests that the memecoin could reach $0.000027 by hitting the third wave of the wave. The third wave is usually the strongest and fastest upward price movement.

Thus, according to the analysis, BONK would reach wave 3/5 and experience a significant price increase to hit $0.0027, which was last seen in June.

BONK’s price on April 22 | Source: Manofbitcoin/Twitter

According to Manofbitcoin’s analysis, BONK would experience moderate gains to reclaim June lows. However, it is crucial to determine what the current price action suggests.

For one, BONK has seen moderate gains over the past seven days, increasing by 18.77% on weekly charts.

Equally, the memecoin’s trading volume has increased by 17.71%, reaching $225 million. In the same period, BONK’s market cap also increased by 3.35% to reach $1.48 billion. This indicates that the memecoin has seen a strong upswing in the past few weeks.

BONK's price seven-day performance | Source: CoinGecko

Looking further, the Aroon line suggests that the recent price movement has seen more highs than lows, resulting in a strong upward price movement.

At press time, the Aroon up is at 92.8% and sits above the Aroon Down at 57.14%.

BONK’s Aroon line on April 22 | Source: Tradingview

Furthermore, according to Coinglass, BONK’s open interest has increased over the past seven days. Open Interest has increased from $7.82 million to $8.72 million in the past 24 hours.

This indicates that investors are opening new positions while holding their current positions. This points to a positive market sentiment.

BONK's open interest in the past 24 hours. Source: CoinglassMoreover, our analysis of Market Prophit further supports the prevailing positive market sentiment.

According to data from Market Prophit, BONK enjoys positive market sentiment in most metrics.

The data shows that the crowd sentiment is positive at 0.0762, with a Buzz score of 1.31. This indicates that the memecoin is enjoying significant favorability among investors.

BONK’s market sentiment on April 22 | Source: Market ProphitThus, if current market conditions persist, BONK is set to experience price movements to the north, with a breakout from the descending channel that will propel the memecoin to attempt a $0.000025 resistance level.

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