BONK price prediction: what to expect from memecoin in July

• Despite a previous bearish outlook, increasing social dominance and volatility suggest higher value.
• The RSI on the 4-hour chart indicates a brief decline towards $0.000021.

Bonk’s price [BONK],one of the best memecoins on Solana [SOL], increased by 14.02% in the last seven days. At press time, BONK changed hands at $0.000023.

A few weeks ago, the token’s value fell below the $0.000020 support as some market participants placed the BONK price prediction on bearish targets. However, increasing volume over the past 24 hours indicated that interest in the cryptocurrency had improved.

Additionally, it is important to note that an increase in volume is not a prerequisite for a price increase. Most of the time, it also depends on the price direction. If the volume increases along with the price, the value could continue to rise.

Down but not out of combat

But in a situation where the price decreases and the volume drops, the downtrend could intensify. To determine BONK’s price prediction, AMBCrypto analyzed volatility.

For memecoins, volatility is like an added feature compared to normal cryptocurrencies. This is because prices can skyrocket in a short period of time. It can also sink in the blink of an eye.

According to data from Santiment, BONK’s one-day volatility indicates that it reached notable levels on June 27. However, while the reading had fallen at press time, it still shows that quick moves appear possible in the near term.

If the buying pressure increases, BONK could recover and target $0.000025 again. However, if the token holders decide to take profits from the recent surge, the value could drop to $0.000022.

In addition to volatility, social dominance is a metric that also increased. This metric is crucial for BONK price prediction because it provides insight into the pace of discussion about a project.

Historically, data showed that increasing social dominance could portend higher prices. But when it gets too high, it means fear of missing out has set in.

BONK Rally Nears as New Month Approaches

FOMO stands for Fear of Missing Out. It is a terminology used to describe an influx of buy orders when the price of a token has risen a lot.

Most of the time, those who enter later make minimal profits or lose as prices could undergo a correction soon after.

At press time, BONK’s social dominance had risen to 0.034%. If the reading continues to rise, demand for BONK could increase.

If this happens, BONK could recover from its recent drop. However, this price prediction does not mean that the memecoin will surpass its all-time high in July.

For that to happen, buying pressure must be similar to that of March. From a technical perspective, AMBCrypto looked at the 4-hour chart which indicated that BONK could fall first.

This was evident in the Relative Strength Index (RSI). The RSI measures the momentum of a cryptocurrency. This could be bullish (alignment up) or bearish (line down).

At press time, the RSI on the BONK/USD chart showed a downward trend, indicating that momentum buying was no longer strong. Therefore, the price prediction could be a drop to $0.000021.

Is your portfolio in the green? Check out the Bonk Profit Calculator

The Fibonacci retracement indicator, which indicates resistance and support levels, provided insight into the prediction.

According to our analysis, if BONK does not break below the midpoint of 50.00 on the RSI, a rebound towards $0.000030 could be possible in July.

This is an automatic translation of our English version.