BONK is going to rise by 90%! Whales enter the market, meme coins are making waves again
Recently, BONK, the "latter wave" in the meme coin market, has performed amazingly, rising by 124% in just 10 days, approaching the key resistance level of the 52-week high. Technical indicators including MACD and SMA are currently giving strong buy signals. The target price points to $0.00005329 and $0.00007416, which means that the room for growth may be as high as 90%!
BONK's current market value has reached $2.894 billion, firmly occupying the fifth position of meme coins. The current price is $0.00003861, up 19% in the past 24 hours. Against the backdrop of the meme coin bull market, BONK seems to continue to break out. It has risen by 76% in the past 7 days. Can the current bull market wave drive it to continue to rise? This article deeply analyzes the key technical signals and trends.
Technical analysis
On the daily chart, the price of BONK formed a triangle breakthrough, and the rebound momentum is strong. It has now reached the 100% Fibonacci level, while facing the resistance test of $0.00004109. The six consecutive days of positive lines show the bullish power of the market, and the latest wave of rebounds has been accompanied by a 2.29% increase.
BONK has risen by 124% since its low of $0.00001580. The current goal is to break through the psychological barrier of $0.000040. With the 50-day and 200-day SMA lines about to form a golden cross, the MACD indicator has also shown a clear bullish divergence, and there is still room for growth in the short term.
Whales enter the market strongly, and BONK has received attention
BONK's rise has also attracted large whales: recently a whale used 12,400 SOL (about $2.7 million) to purchase a large number of WIF and BONK tokens, further accelerating the speculative enthusiasm of meme coins. The whale spent 7200 SOL to buy 406,000 WIF, and then used 5200 SOL to buy 29.32 billion BONK.
Can BONK reach $0.000050?
From the Fibonacci retracement tool, if BONK can successfully break through the resistance level of $0.00004109, the next target will be the Fibonacci extension levels of 1.272 and 1.618, which are around $0.00005329 and $0.00007416. This area means more than 90% of the potential increase
In the short term, we still need to be wary of the possibility of a pullback, especially near the support level of $0.0000349.
What height will BONK reach in 2024 in the future? If you want to seize this opportunity in time, follow Lao Chen and gain insight into every ups and downs of the market together!
