The Bonk price surged 96% in the last week, despite dropping 5% in the last 24 hours, to trade at $0.00005071 as of 11:36 a.m. EST on trading volume that plunged 25% to $2.1 billion.
The BONK price earlier hit a new all-time high (ATH) of $0.00005627 before paring gains.
Bonk Price Indicators Hint At A Sustained Bullish Rally
The Bonk price has been on a consolidated phase from late September to the beginning of November, as the bulls and bears struggled for dominance within the $0.000020 range, according to data from GeckoTerminal.
BONK has now crossed above both the 50-day and 200-day Simple Moving Averages (SMAs), a confirmation of the prolonged rally. Moreover, the 50-day SMA has crossed above the 200-day SMA, forming a golden cross around $0.00002211, further cementing the bullish stance.
The Relative Strength Index (RSI) is at 62.31, which is near the overbought zone (typically 70+). While it’s not extremely overbought yet, the recent rally suggests caution. If RSI moves above 70, it could indicate a potential reversal or consolidation as the price might be overextended. Current RSI levels suggest there may still be some room for upward movement, but traders should monitor for signs of weakening momentum.
The MACD is in a bullish phase, with the MACD line (blue) above the signal line (orange) and both above the baseline (zero level).
The widening gap between the lines indicates strong bullish momentum. However, such sharp moves can often lead to exhaustion, so watch for any signs of convergence (lines coming closer together) as a signal of waning momentum.
BONKUSD Chart Analysis Source: GeckoTerminal
Bonk Price Prediction
According to the BONK/USD chart analysis on the 4-hour timeframe, the Bonk price could still soar, as the bulls capitalize on the major indicators. If this trend continues, the price of Bonk could soar, as the bulls target $0.0001. Analysts also believe that the Solana meme coin could soar.
However, if the bears push the price of Bonk towards a pullback, the 50-day and 200-day SMA could act as the next possible support levels at $0.00003679 and $0.00002539 respectively.
Meanwhile, investors looking for alternative investment options may want to consider Crypto All-Stars (STARS), which 99Bitcoins, a prominent crypto channel on YouTube with over 706K subscribers, says has the potential to soar 100X after its launch.
Crypto All-Stars Presale Secures Over $4.2 Million – Best Crypto To Buy Now?
The Crypto All-Stars project is revolutionizing the meme coin ecosystem through its innovative MemeVault protocol. This smart contract allows investors to stake multiple meme coins in one place for the first time while being rewarded with STARS tokens.
Why Is Everyone Excited?
In its initial presale phase, Crypto All-Stars raised over $350k! 💰
This early success shows that investors see BIG potential here. 🚀
Could this be the next $PEPE? 👀
— web3telepath (@web3telepath) August 15, 2024
Crypto All-Stars will initially offer staking for 11 meme coins: Pepe, Dogecoin, Shiba Inu, Floki, Brett, Mog Coin, Milady, Turbo, Toshi, Coq Inu, and Bonk. The project already plans to add more meme coin options in the coming months.
You can also earn passively through the project’s native staking mechanism, which offers an eye-popping 410% annual percentage yield (APY).
If you would like to join investors who have pumped $4.2 million into the project since its launch, you can buy the token now for $0.0015806.
The price will increase in slightly less than 3 days, so don’t wait too long to buy if you want the best deal.
Purchase $STARS from its official website here using BNB, USDT, or a bank card.
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