Bonk (BONK) Price Prediction as the Token Breaks Support Amid Bitcoin (BTC) Correction

The Bonk price has seen a 4% drop in the last 24 hours and 32% in a month to trade at $0.00003418 as of 3.10 a.m. EST on trading volume that skyrocketed

The Bonk price has seen a 4% drop in the last 24 hours and 32% in a month to trade at $0.00003418 as of 3.10 a.m. EST on trading volume that went up 52% to reach $606.46 million.

While the current price drop and the reason why BONK broke its support likely has something to do with Bitcoin's correction seen in the last 24 hours, the token has clearly struggled to grow lately, so it did not take much to trigger a price drop when the market turned bearish.

Bonk Price Prediction

As mentioned, Bonk has been spiraling down over the last 24 hours, with its price breaking a major support that held it from sinking over the course of the past week. Now, however, the token is looking for new support to stop its descent.

Its Bollinger bands have widened sharply in the last few hours, which suggests high trader activity. However, it is quite clear that the price is following a bearish trend, seen from the fact that it has been pushing the lower band further down for hours, ever since 12 p.m. EST on December 17.

Between then and now, the price recovered only once and only slightly, when it hit the support at $0.000035, which caused it to bounce up to $0.00003656, and reach the middle line between the two bands. This was then followed by a return to the support, and its eventual breaking, which caused it to nosedive further down, and then start a new wave of recovery.

The project's Relative Strength Index (RSI) reflects this as well, with its price touching the overbought zone yesterday at noon, from where it kept spiraling down throughout the second half of the day. As it reached the oversold zone, its price dropped to $0.000035. The RSI then jumped to the value of 42, as some traders moved in to buy the dip.

As it became evident that the token would not yet start a recovery, a new wave of sales followed, causing the RSI to dip to the value of 17, deep into the oversold zone. However, it has since seen an attempt to increase its buying power, which brought its value to 40, back in the neutral area, while the price started surging back toward $0.000035.

This suggests that BONK is strongly fluctuating amid the bearish market, but it might also open an opportunity, as a price drop this sharp and severe could end up having a massive recovery with an equally sharp price surge. However, for now, this is only speculation, and anyone opting to buy the meme coin should be aware that it is currently a high-risk coin.

Promising Alternative To Bonk

While BONK is struggling right now, traders and investors looking for upcoming buying opportunities might consider Catslap (SLAP), a project with a viral slapping game.

Each click on the image of a cat causes enables players to slap one of several entities and also adds a slap to the Slapometer on the website. Initially, it was just a fun game that generated 10 million slaps in two days, but after the project added its Slap-To-Earn mechanic, the number of slaps skyrocketed to 1 billion.

A key reason for optimism around the token is the ”major announcement” that's coming from its developer in less than a day.

The last time when the countdown reached zero, the project unveiled its first CEX listing on the MEXC exchange. Now, many assume that the next announcement will reveal the SLAP token’s listing on a major exchange like Binance or Coinbase, especially since it has only been 24 hours since Binance listed its first-ever cat meme coin, Simon's Cat.

Now, there are no obstacles to SLAP joining it, and while this is only speculation, many are looking forward to the new announcement. Crypto YouTuber ClayBro even predicted recently that SLAP could soon see 10x gains.

Visit Catslap (SLAP).