Based on current market dynamics, analysts predict a short-term correction will be next for Bonk. After a powerful rise within the previous day, Bonk jumped someplace over 10% within the subsequent 24 hours.
According to them, buying off the back of a +40% daily increase is risky, too, especially if a period of ‘chop’ or sideways movement is imminent. They warn that a pullback is likely not too far away.
Bonk Price Surge: How Far Will It Go?
Bonk has surged over 10% in the past 24 hours, lifting its market cap to about $2.87 billion. There is strong market interest and high activity around this asset, as measured by $2.49 billion in trading volume over the same period.
With its $3.54 billion Fully Diluted Valuation (FDV), the market seems positive despite the coin’s recent volatility. The analyst tweeted that $BONK is going much higher, but buying off of a +40% candle day is not recommended.
$BONK is going to go much higher but I don't recommend people buy the +40% candle day. Wait for it to chop around OR short pullback. Still bullish on this one though. Looking for an entry pic.twitter.com/7G2zXm8FA3
— Altcoin Sherpa (@AltcoinSherpa) November 12, 2024
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