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Bonk (BONK), the first memecoin minted on the Solana (SOL) network, managed to attract the attention of the entire crypto world with its notable growth in December 2023. Amidst market movements, BONK continues to stand at a promising point in 2024. Let’s take a closer look at what’s next for the memecoin.
BONK Price Analysis and Current Market Sentiment
Bonk continues to send signals of steady growth despite its recent pullback. Currently ranked 75th among the largest cryptocurrencies, the memecoin boasts an extremely high market value of 922 million dollars. This success is even more remarkable considering that more than 60 trillion of its 100 trillion supply is in circulation.
In December 2023, BONK’s price was seen to rise over 310%, making it the best-performing altcoin in the crypto market. This volatility has made it a potential long-term investment. However, a 50% drop from its peak has brought back high volatility to the altcoin.
The Moving Average Convergence Divergence (MACD) currently indicates an upcoming bullish trend, signaling a potential bullish crossover. The Relative Strength Index (RSI) being above the 50 level also supports bullish market sentiment. The Bollinger Bands (BB) suggest decreased volatility, indicating possible consolidation. All these technical indicators and oscillators standing on the neutral side increase confidence in BONK’s potential rise.
The 4-hour price chart currently shows a battle between sellers and buyers. Although sellers are trying to push the price below the EMA 50 marked at $0.00001178, buyers have managed to hold the price. As a result of this buying pressure, the price rebounded from $0.00001393 back to the supply zone. Moreover, a double bottom formation, often seen as an indicator of a potential bullish trend, has formed on the BONK/USD chart.
Bulls May Be Targeting $0.0000170
Momentum has significantly shifted in the last hour as buyers, or bulls, gathered enough strength to overcome a minor resistance level at $0.00001626. Following this breakthrough, the price continued its upward movement, reaching the day’s highest level of $0.00001626 and momentarily approaching around $0.00001789, corresponding to MA 10.
Currently, 25 main indicators for BONK show cautious optimism with a neutral market sentiment on the decline. This is reflected by mixed signals, with 6 indicators pointing to sell, 7 neutral, and 12 indicating buy signals. Oscillators of 11 different types show a similar pattern with 2 selling, 6 neutral, and 3 buying signals. On the Moving Averages side, there is a more pronounced bullish trend with 4 selling, 1 neutral, and 9 buying signals. Despite the MACD indicator being in the negative zone and presenting a sell signal, the RSI is at a neutral level of 31.
Currently, it can be said that bulls are targeting $0.0000170, corresponding to the daily EMA 20. If this upward momentum does not continue, there is a risk of the price returning to the main support at $0.0000138. If the price fails to hold at this level, a pullback to $0.0000130 and a drop to $0.000007721, corresponding to EMA 100, can be expected.
