BONK Price Rally 50% In A Day! Will The Bonk Token Hold On To Its Gains?
The post BONK Price Rally 50% In A Day! Will The Bonk Token Hold On To Its Gains? appeared first on Coinpedia Fintech News
Following the announcement of Coinbase potentially listing this sensational memecoin on its exchange, the Solana-based token recorded a jump of over 52% within hours, resulting in it recording a new all-time high (ATH) of $0.00001480 during the early trading hours today.
The BONK price traded in a narrow space between $0.00000866 and $0.00000166 for a while, following which the price regained momentum and broke out of the range, but the rally was short-lived as the price was restricted at $0.000003458.
TradingView: BONK/USDT
After this, the Bonk token traded in a closed range between $0.00000166 and $0.000003458 for over a week. After multiple attempts, the bulls regained power and recorded a jump of 40% in value. Following this, the price traded in a consolidated range between $0.000003458 and $0.4945 for over two weeks.
The BONK coin price recorded a massive price action since the start of December as the price jumped over 200% within the first week of the month and recorded a new all-time high (ATH) of $0.00001450.
Following this, the bulls lost momentum and the price experienced a short selling in its value, resulting in the BONK price test at its lower support level of $0.000009635. The price recently added 50% in value and is on the verge of recording a new ATH soon.
The technical indicator, MACD, displays a rising green histogram, indicating a strong buying-over-selling pressure in the market. Moreover, the average shows a bullish convergence, suggesting the price will record a massive price action in the coming days.
Will The BONK Price Hit $0.0000170 Soon?
If the bulls hold the price above the support level of $0.000013051, the price will regain momentum and prepare to test its resistance level of $0.000015010 in the coming days.
Further, if the bulls hold the price at that level, Bonk price will attempt to test its upper resistance level of $0.000017010 by the month-end.
Conversely, if a trend reversal occurs, the BONK price will lose momentum and start trading under a strong bearish influence, resulting in the memecoin price testing its lower support level of $0.00001150.
Moreover, if the bears continue to hold power, it will plunge further and prepare to test its crucial support level of $0.000009635 in the coming days.
Filed under: Bitcoin - @ December 14, 2023 7:11 am