The price increase of the popular altcoin BONK has reached an all-time high of $0.000015 today. The price has surpassed a significant Fib resistance level but has not yet achieved a daily close above this level.
Historic Peak for BONK
BONK price has shown a rapid increase since October 20th. On November 20th, the price broke out from the all-time high of $0.0000057. After a brief retracement that confirmed the previous all-time high region as support, BONK price accelerated its upward movement again. Today, it reached a new all-time high of $0.0000150. In the 56 days since the lowest level, BONK price has increased by 8,820%.
The price of the altcoin has now flipped PEPE in terms of market value and has become the third largest meme token. BONK needs to increase by 800% more to flip Shiba Inu (SHIB) and become the second largest meme token. The increase may have been accelerated by Coinbase’s announcement that it supports the meme token only on the Solana network.
BONK Price Analysis
Market investors use RSI as a momentum indicator to determine overbought or oversold conditions and decide whether a token should be accumulated or sold. Readings above 50 and an upward trend suggest that bulls are still at an advantage, while readings below 50 suggest the opposite. The daily RSI for BONK shows a declining trend since November. This could be a sign of an approaching peak. The price movement is upward. The token’s price has surpassed the external Fib retracement of the previous decline at 2.61. However, it has not yet achieved a daily close above this level.
If it achieves a close above this level, it could increase by 30% and reach the next resistance of $0.000018. However, if the BONK price creates a candlestick with a downward trend and falls below this level, the downward trend will likely lead to a downward movement, potentially bringing the price back to the previous all-time high of $0.0000057, a 60% drop from the current price.
