The post Bonk gears for 10% rally next week appeared on BitcoinEthereumNews.com.

Bonk, the dog-themed utility token, wiped nearly 14% of its value in the last seven days. The fifth-largest meme coin by market capitalization has observed a large volume of capitulation in the past week. However, technical indicators point at likelihood of gains next week.  Bonk price forecast Bonk (BONK), a Solana-based meme coin with a market capitalization above $1.436 billion, saw its price decline last week. Even as analysts observed capital rotation from large market cap tokens to smaller cryptos and Solana-based memes, BONK price lagged behind, while blue-chip DeFi tokens like Dogwifhat (WIF) led in gains.  BONK price slipped 14% in the last seven days, after posting nearly 60% days in the past month.  The daily and weekly price charts show mixed signals. Technical indicators like MACD are bullish on the weekly price chart, signaling an underlying positive momentum in BONK price trend. RSI reads 48, hovering close to the neutral level.  BONK trades at $0.00001875 at the time of writing and the closest resistance is the lower boundary of a Fair value gap on the weekly price chart, at $0.00002039. The closest support for the meme coin is the lower boundary of a bullish imbalance zone, at $0.00001572.  The daily price chart shows a negative outlook, meaning further correction is likely over the weekend. While BONK is in an upward trend, price has slipped into the imbalance zone. Once BONK collects liquidity, it could attempt a rally to resistance at $0.00002039 and $0.00002581, key levels marked by lower boundaries of FVGs on the daily timeframe.  The RSI reads 49, close to neutral and MACD flashes red histogram bars above the neutral line, meaning that there is an underlying negative momentum in BONK price trend.  Traders need to watch the daily price chart and indicators closely for signs of…

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Filed under: News - @ May 18, 2025 1:19 pm