Bonk Price is Up by 5% Despite Market Uncertainty
Unlike other cryptocurrencies, the Solana meme coin, Bonk, rose on Friday despite a market downturn. This increase came amidst a Bitcoin price crash below $55,000, driven by Mt. Gox payments to creditors and the German government’s BTC sales.
Bonk remained resilient despite a general market correction since late May. It found solid support at a long-term ascending trend line and the 200-day EMA, with traders buying at $0.00002, aiming for $0.000025 by the weekend and $0.00004 next week.
The RSI showed a bearish divergence from its March peak, indicating a recovery from near oversold conditions. While a break above the descending RSI trend line could spur further growth, caution is advised due to a recent death cross pattern. Traders should consider dollar-cost averaging (DCA) until Bonk recovers above the 20-day and 50-day EMAs.
Currently, Bonk faces resistance at $0.000022, but an upcoming buy signal from the MACD indicator could validate a bullish trend. Targets are set at $0.000025 for short-term traders and $0.00004 for long-term investors by July.
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