Many BONK coin price prediction analysis currently favour the upside, as meme coin market sentiment is mostly positive, with a touch of FOMO. BONK went down on Thursday as its recent bullish momentum fizzled out. BONK traded at $0.0000242 having eased down by 1.06% as of this writing. That was a pileup to Wednesday’s loss of 1.25%, although the token was still 16.55% up in the last week. Furthermore, BONK price has shown high volatility, recording lows of $0.0000196 and highs of $0.0000285.
There’s a growing feeling in the crypto ecosystem that a meme coin mania could be in the pipeline after the Bitcoin halving event. Many meme coins, including WIF, PEPE, MEME and FLOKI have registered daily double-digit growths, flashing signals reminiscent of the 2020-2021 market bull run. At its current price, BONK is still 56 per cent below its all-time highs. However, it has recently proven its ability to print out double-digit daily growth figures, with the latest one coming on April 23 when it rose by 22.5 per cent. Therefore, it is possible that a retest of the ATH is not far off-which explains why many BONK coin price prediction analysts are bullish.
The Bitcoin halving event took place on April 19, but has so far had little impact on the crypto market. Nonetheless, its effects are expected to be felt when the supply of BTC becomes scarce. Furthermore, BONK DAO recently passed a proposal to burn 278 billion BONK tokens. The move will reduce the supply of BONK, which could help raise the token’s value and potentially bring in fresh volatility into the market.
Technical analysis
The momentum on BONK price signals a potential continuation of the upside if the token stays above the 0.0000235 pivot. With the buyers in control, BONK could head higher to break the resistance at 0.0000253 and potentially test 0.0000267 in extension. Alternatively, a move below 0.0000235 will signal control by the sellers, with support coming at 0.0000215. A continuation of control by the sellers will likely break the support and invalidate the upward narrative. Furthermore, BONK price could head lower to test 0.0000204 in extension.
