Bonk (BONK) Price Prediction: Will BONK Price Hit $0.00005 Soon?

Bits Logics Team . 16th Dec 2023

• Bullish BONK price prediction ranges from $0.000035 to $0.00004
• Analysis suggests that the BONK price might reach above $0.000035
• The BONK bearish market price prediction for 2023 is $0.0000037

What is BONK?

Bonk is the first dog-themed coin on the Solana ecosystem and it is similar to Shiba Inu and Dogecoin meme coins. The token was launched on December 25, 2022, and this launch increased the price of Solana by 34%. 

The main goal of the launch is to bring back liquidity to Solana-based decentralized exchanges (DEXs). As such, the token could be used as a medium of exchange between participants of the BONK ecosystem while preserving decentralization without the involvement of a centralized third party. However, BONK is not intended to be a medium of exchange for the public. It can’t be used for the purchase of payment for goods or services, debt, etc. 

Bonk(BONK) Market Overview

BONK Current Market Status

The maximum supply of Bonk (BONK) is unknown, while its circulating supply is 60.84T BONK, according to CoinMarketCap. At the time of writing, BONK is trading at $0.00002435 representing a 24 hours decrease of 14.28%. The trading volume of BONK in the past 24 hours is $1.27B which represents a 17.17 % decrease.

Bonk (BONK) could be traded on some of the top exchanges such as Huobi, MEXC, Bybit, Bitget. It’s also available on Gate.io, Poloniex, Orca, LBank, BKEX, CoinEx, BitMart, Bitrue, DigiFinex, XT.COM, BingX, and Hotbit.

Now that you know BONK and its current market status, we shall discuss the price analysis of  Bonk for 2024.

BONK Price Analysis 2024

Will BONK’s most recent improvements, additions, and modifications help the BONK price rise? There are speculations that the utility features and community excitement could be the driving force for BONK to surge. Before confirming this theory, let’s focus on the charts in this article’s BONK price forecast.

Bonk(BONK) Technical Analysis 2024

When looking at the chart above it could be seen that the RSI reads a value of 83 and it is overbought. As such, there is a high chance that the market could correct the prices and eventually the RSI may fall below the 70 mark.

The MACD line is bullish as it is above the 9-day EMA and the histogram is above the zero level. The MACD line reads a value of 0.0000047 and the line seems to be heading in the upwards direction. As the MACD line is moving further away from the baseline, the distance between both EMA’s used in MACD(12 Day and 26 Day) is increasing. Since both indicators are showing bullish momentum, there could be some momentum left for BONK.

Bonk(BONK)Price Prediction 2024

The above chart shows that BONK is currently rising along a new trend line with a higher gradient. Moreover, after every rise, there was a brief period of consolidation before the next leg up. Currently, BONK  seems to be consolidating and there is a high chance that will spike again. Moreover, the Price Volume Trend line reading a value of 118.25 T shows that there could be some more momentum left in BONK to the upside. 

Hence, if BONK keeps on increasing further, then there is a high chance that it could reach above $0.000035 and may even reach $0.00004. However, if BONK the buyers fade away, then BONK could look for support at around $0.00001. If that support is too weak, BONK could crash to square one $0.0000037.

Since most of BONK’s increase has been due to listing on exchanges, the Solana mobile, and the new projects on SOL, it would be interesting to see how the traders would react once these are gone. 

Disclaimer: The information and analysis are intended for informational purposes only. All views and opinions expressed should not be considered as financial, investment, or trading advice. Readers are strongly encouraged to conduct their own research before making any investment decisions. Any actions taken based on the information presented by Bits Logics are at the reader’s own risk. The author or any affiliated parties shall not be held liable for any direct or indirect damages or losses resulting from such actions.