BONK Price Prediction: Is This Dip Worth Buying?

Summary:
• BONK Price Prediction: BONK/USD is looking very bearish after a 56.5% correction from all-time highs. However, it may still have a short term bounce soon.

BONK price has disappointed its holders in the last few days. The Binance and Coinbase listings have proved to be the top of an incredible rally, which generated exponential returns for early buyers. However, many late entrants have been left holding their bags.

At press time, BONK crypto stood at $0.00001486 which is 56.5% below its recent all-time high of $0.00003416. This tells that the memecoin has to rise 115% from its current level to attain a new all-time high. Let’s try to find out if the current dip is really a good buying opportunity.

Many users bought BONK close to its all-time highs after the back-to-back listings on Coinbase and Binance, which are the biggest crypto exchanges in the world. However, most of the major investors took this as an opportunity to unload their holdings at high prices.

Nevertheless, considering the hype of the memecoin project, I would be surprised if it doesn’t make a comeback in the next few weeks. Technical analysis also points toward a relief bounce from the current level.

In the following chart, technical analysis has been performed on the 4H chart of BONK/USD. You can see that the price is currently testing the previous resistance of $0.00001490, which may now act as a support. A break below this level will make BONK price prediction even more bearish.

However, the bullish divergences on MFI and RSI are pointing toward a bounce from the current levels in the coming days. Therefore, the price action around the $0.00001490 level needs to be observed carefully.