The memecoin market has experienced a strong bullish reversal as Bitcoin price today successfully holds its value above the $100k mark. While top meme coins like DOGE price and SHIB price experience stable growth, the Bonk memecoin has recorded double-digit growth.
Considering the present market sentiments, will this Solana-based crypto outrun the Dogecoin price during the coming altcoin season? CoinPedia’s expert panel has uncovered the possible short-term market sentiments, price analysis, and possible price targets of the Bonk (BONK) memecoin.
The Bonk price has jumped 11.83% in 24 hours with a trading volume of $602.84 million, a change of +171.82%. Moreover, with a weekly surge of ~16%, this memecoin has successfully reclaimed the $0.000030 mark, highlighting increased positive influence.
Moreover, this altcoin has soared ~7% in the last 30 days and has a Year-to-Date (YTD) return of 5.66%. With a market capitalization of $2.467 billion, the BONK meme coin has secured the 51st position in the global crypto market list.
The Moving Average Convergence Divergence (MACD) displays a constant rise in the green histogram with its averages recording a bullish convergence in the daily time frame. This suggests a positive outlook for the 03rd largest meme coin in the market.
On the other hand, the SMA indicator constantly supports the Bonk price chart in the 1D time frame. This suggests that this memecoin could continue gaining value during the coming week.
If the bullish sentiment is sustained, the Bonk coin price will reclaim its resistance of $0.00003390. Maintaining the price at that level could set the stage for it to head toward its upper resistance level of $0.00004050 this month.
Conversely, a bearish reversal could pull the price toward its support level of $0.000030. Furthermore, if the bearish sentiment intensifies at that point, it could plunge toward its low of $0.0000270.
Wondering about the long-term price prospects of this memecoin? Read CoinPedia’s Bonk Price Prediction to uncover the possible mysteries until 2030!
For Bonk memecoin to achieve the $1 mark, its market cap will have to increase to $92.7 Trillion. Therefore, it is highly unlikely that this memecoin project will achieve that price target.
With increased adoption and rising bullish sentiment, the price could reach a maximum trading value of $0.000063 this year.
At the time of writing, the value of one BONK token was $0.00003219.
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