BONK Price Prediction July 2024 – Massive Turnaround Ahead for Bonk? Community Vote Could Change Everything

The market for cryptocurrencies has been declining, with meme coins like Bonk, headquartered on Solana, being especially hard hit. In spite of these challenges, the Bonk community is actively thinking about taking a big step to strengthen its position in the market. 

There is currently a community vote on a plan to burn around 84 billion BONK tokens, which is the total amount of tokens that BONK DAO has accumulated via its revenue sharing with BONKBot during the second quarter. This decision has the ability to both stabilize and increase Bonk’s valuation in the face of wider market uncertainty.

Bonk Community’s Bold Plan

The Bonk community is considering a major action to burn around 84 billion BONK tokens, which represents all the tokens acquired by BONK DAO from its second-quarter revenue sharing in reaction to the state of the market.

BONKBot Currently under voting, BonkDAO has urged every BONK bearer to take part. Though they can withdraw their tokens once the six-day voting session finishes, participation entails holders depositing their tokens.

Such a significant token burn might have instantaneous effects on Bonk’s price, which, based on CoinGecko’s data, last Friday was $0.00002319 and showed a 10% drop within 24 hours.

This price change highlights the growing sell-side pressure shown by a 70% rise in trading volume to $302 million, where selling activity dominates purchasing interest.

The coin’s market posture is unstable; its price about half from its May peak. Following a sharp drop in July, a meager comeback fell short in trying to pass $0.000027.

Currently positioned between two key technical levels—the 20-day and 50-day Exponential Moving Averages (EMAs)—the meme coin is With $0.00002 as firm support and $0.00003 as resistance, these levels could cause a consolidation phase marked by sideways movement inside the price range set by these EMAs.

Bonk’s Market Position

Technical readings point to Bonk’s continuous battle. Attempting to surpass the neutral midline of 50, the Relative Strength Index (RSI) has retreated and still exhibits bearish divergence.

This points to a pessimistic perspective of the market. As long as the Moving Average Convergence Divergence (MACD) shows a purchase signal in the next days, there is still some possibility for a positive situation nonetheless.

Should the MACD line pass into the neutral zone, traders are likely to review their holdings in combination with an increase in green histograms, a possible indicator of an upturn.

Furthermore suggesting a likely significant price shift are the tightening Bollinger Bands. Still, the immediate priorities include tracking the vital support around $0.00002 and resistance at the same level, which will be vital in deciding the coin’s short-term pricing path in an erratic market.

Community Vote Could Change Everything

The vote of the Bonk community on burning 84 billion BONK tokens might change the path of the coin. A good burn could help Bonk’s price, lower selling pressure, and raise market attitude. This along with the possibility for a positive MACD crossover might set off a rally that would push Bonk above its current ceiling. 

On the other hand, a rejection of the burn proposal may worsen the declining trend of the coin, particularly in case of prolonged selling pressure and bearish technical signs. Bonk’s short-term and maybe long-term future will ultimately be much influenced by the choice made by the community.