As the Bitcoin price achieves a new all-time high (ATH) during the early Asian trading hours, the memecoin category has taken over the crypto market by storm. Moreover, the Bonk price has secured its position in the top gainers list by breaking out of its crucial level.
Will the bullish sentiment sustain or will the crypto market experience a pullback by the weekend? In this article, we have covered the market sentiments and possible price analysis of the Bonk (BONK) memecoin.
Amid increased bullish influence in the cryptocurrency market, this meme coin has surged 18.79% in the past 24 hours with a trading volume of $385.22 million. Moreover, it has added ~4% to its portfolio over the past week.
Moreover, in spite of recording a neutral trend during the past 30 days, the Bonk coin price has a Year-to-Date (YTD) return of +67.85%. This highlights a long-term bullish sentiment. With a market cap of $1.674 billion, it has secured the 52nd position.
The Simple Moving Average (SMA) is on the verge of recording a bullish convergence in the 1D time frame. This highlights an increase in the buying sentiment for the memecoin in the market.
On the other hand, the RSI indicator has recorded a sharp rise toward the overbought range in the Bonk price chart. This suggests that this crypto token may continue gaining value this week.
If the bulls continue dominating the crypto market, the Bonk memecoin will retest its resistance level of $0.0000270. Furthermore, if the bullish sentiment sustains, this could result in it heading toward its upper resistance level of $0.000033 during the upcoming time.
On the contrary, if a trend reversal occurs, the Bonk coin will drop toward its support level of $0.00002125. Moreover, if the bearish sentiment intensifies, it could plunge toward its crucial support level of $0.0000150 this month.
Wondering if this memecoin will achieve a new high this year? Read our Bonk (BONK) Price Prediction article to understand the potential of this project.
The Bonk price forecast is highly optimistic as of today, making it a good buy for the long term.
This memecoin was launched on 25th December 2022.
The Bonk price is currently trading at a discount of 53.68% from its ATH, making it a high-profit token for the future.
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