Bonk (BONK), the emerging meme coin in the Solana ecosystem, has been making waves with its notable growth in December 2023. Despite recent market turbulence, BONK exhibits resilience, hinting at a promising future in 2024.
Bonk has been climbing the ranks steadily in the cryptocurrency market. Currently, it ranked at position 75 on CoinMarketCap, boasting a live market cap of $922 million. This achievement is backed by its circulating supply of over 60 trillion BONK coins, inching closer to its maximum supply cap of 100 trillion.
December 2023 saw BONK skyrocket by over 310%, making it a top performer in the cryptocurrency market. This surge positioned it as a potential long-term investment. However, a subsequent 50% drop from its peak revealed the coin’s volatility. Analysts attribute this decline partly to system errors at Mt. Gox, affecting the broader market, including BONK.
BONK Price Analysis and Current Market Sentiment
The Moving Average Convergence Divergence (MACD) signals a potential bullish crossover, suggesting an impending uptrend. The Relative Strength Index (RSI) stands above 50, reinforcing bullish market sentiment. Bollinger bands indicate decreased volatility, hinting at possible consolidation. These technical aspects and a neutral awesome oscillator boost confidence in BONK’s potential rise.
In the recent trading sessions on the 4-hour chart, BONK’s performance showcased a battle between sellers and buyers. Sellers tried to push the price below the EMA 50, marked at $0.00001178 but were unsuccessful as buyers stepped in with strong support at this level. This buying pressure led to a rebound, with the price heading back up to the supply zone at $0.00001393. Here, BONK/USD formed several double-bottom patterns, often seen as indicators of a potential upward trend.
Bulls Target $0.0000170 Amid Mixed Signals
The momentum shifted significantly in the last hour, when buyers, or bulls, gathered enough strength to overcome a minor resistance level at $0.00001626. After this breakthrough, the price continued its upward movement, reaching and momentarily surpassing the day’s high of $0.00001626, approaching the 10-simple moving average at around $0.00001789.
BONK/USD 4-hour chart: TradingView
The bearish to neutral market sentiment, as reflected by 25 major indicators, is cautiously optimistic. This is evident from the mixed signals: 6 indicators suggest a selling position, 7 remain neutral, and 12 are in favor of buying. The oscillators, which include 11 different types, show a similar pattern with 2 suggesting sell, 6 neutral, and 3 indicating buy signals.
The Moving Averages are more skewed towards buying with 4 in the sell category, 1 neutral, and 9 suggesting a buy. Despite the MACD being in the negative territory, indicating a sell, the RSI is at a neutral 31. Looking forward, the bulls are eyeing the $0.0000170 mark at the 20-day EMA. If the bullish momentum doesn’t hold, there’s a risk of the price falling back to the main support at $0.0000138. Failing to hold this level could lead to a further drop towards $0.0000130, setting the stage for a potential downtrend towards the EMA 100 at $0.000007721.
Read Also
BONK Price Shoots 20%, Traders Are Preparing For Another Mega-Rally
Solana Meme Coin BONK Price Outshining DOGE & SHIB, Expect Santa Claus Rally
Coinbase Announces Listing of Solana’s BONK Token
