Price Prediction for BONK in 2024
The new memecoin on the Solana blockchain, Bonk (BONK) has garnered attention in 2023, although it has stumbled from its recent all-time high (ATH) in the past few days.
The price surge of Bonk in the crypto landscape has caught the eye. Currently, it holds the 75th position on CoinMarketCap, with a market capitalization of US$922 million. This significant market valuation is supported by a large circulating supply, with over 60 trillion BONK tokens, nearing the maximum supply limit of 100 trillion.
BONK Price Prediction in 2024
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| Analysis BONK / source: Tradingview.com |
December 2023 was a crucial month for BONK, witnessing an astronomical increase of over 310 percent, making it one of the top players in the crypto market. This surge propelled BONK into the spotlight as a potential long-term investment option.
However, the value of this memecoin later dropped by 50 percent from its ATH, highlighting its inherent volatility. Analysts have linked this decline to system errors on the Mt.Gox exchange, which had a widespread impact across the entire crypto market, including BONK.
According to Coingape, in terms of price analysis and current market sentiment, the BONK memecoin shows potential for an upward trend. The Moving Average Convergence Divergence (MACD) indicates a possible bullish crossover.
The RSI indicator remains above 50, reinforcing the bullish market sentiment. Bollinger Bands show decreasing volatility, suggesting possible consolidation. These technical indicators, combined with a neutral Awesome Oscillator, build confidence in the potential upward movement for the BONK memecoin price.
The last trading session on the 4-hour chart depicted a tug of war between sellers and buyers. Sellers attempted to push the price below the EMA 50, marked at US$0.00001178, but faced strong resistance from buyers at this level.
This buying pressure resulted in a rebound, with the price heading towards the supply zone at US$0.00001393. Here, the BONK price formed several double-bottom patterns, usually considered indicators of an upward trend.
As we observe the change in momentum in the market, buyers, or bulls, have shown significant strength. They successfully surpassed minor resistance levels at US$0.00001626, after which the price continued to rise, momentarily surpassing the day's high and approaching the SMA10 indicator in the range of US$0.00001789.
Market sentiment, as reflected by 25 key indicators, remains optimistic but mixed. Six indicators suggest a sell position, seven remain neutral, and twelve support buying. Oscillators, consisting of 11 different types, show a similar pattern with 2 indicating sell signals, 6 neutral, and 3 suggesting buy signals.
Moving Averages lean more towards a buying trend, with 4 indicating sell, 1 neutral, and 9 suggesting buy. Although MACD is in the negative territory, RSI stands at a neutral 31. Looking ahead, bulls target the US$0.0000170 mark at the EMA 20 days.
If bullish momentum fails, there is a risk of the price falling back to the main support at US$0.0000138. Failing to maintain this level could lead to further declines towards US$0.0000130, setting the potential for a downward trend towards the EMA 100 at US$0.00007721.
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