Over the past 10 days, the price of BONK has risen significantly, breaking above the diagonal and horizontal resistance levels. Let’s figure out whether the meme coin has a chance to continue its rally!
BONK broke through two resistance levels at once
Technical analysis of the daily timeframe shows that on February 7, BONK bounced off a descending resistance line that lasted 55 days since reaching an all-time high on December 15, 2023. Yesterday, the price of the asset reached $0.000014, after which it decreased slightly.
The daily Relative Strength Index (RSI) is giving a bullish reading. The indicator exceeded 50, confirming the possibility of continuing the rally.
BONK Price Prediction
The six-hour chart gives an uncertain outlook. This is due to conflicting readings from the price action and relative strength index.
The chart below shows that it has bounced off the $0.000013 horizontal resistance, which coincides with the Fibonacci level. However, the six-hour RSI has formed a pronounced bearish divergence, which often precedes reversals.
Thus, the reaction to the $0.000014 area could determine the direction of the future trend. A successful bounce would catalyze an 18% rise in BONK to the next resistance at $0.000016, while a breakout could lead to a 14% fall to immediate support at $0.000012.
About Bonk: Solana’s Rising Star
Bonk, a Solana-based meme coin, has seen rapid adoption in the Solana ecosystem. The meme coin is integrated for payments for NFTs in Solana projects and uses burning mechanisms. The project is managed by a team of 22 people without a single leader; they all focus on decentralized applications and NFTs on Solana.
The Solana-based meme coin gained significant popularity after listing on Coinbase. Since its inception, it has performed outstandingly, soaring 17,615.42% in just one year. Its current price is $0.0000194 and its market capitalization is $1.18 billion.
In the fourth quarter of the last year, the young and popular meme coin BONK showed good growth and attracted the attention of investors. This happened after crypto exchange Coinbase announced plans to list a meme token. Thus, the annual profitability of BONK reached 13,600%, and in the last month alone the price increased by 718%.
