Bonk Price Rises 14% as Bitcoin and Meme Coins See Gains:
Bonk’s price recently surged from a low of $0.00002185 to a high of $0.00002509, marking a 14% increase. The Solana-based meme coin has managed to stay above a crucial support level at $0.000024, but it faces resistance at $0.000026, a barrier it has struggled to break since July.
Mid-week, the global cryptocurrency market turned positive, with Bitcoin (BTC) reaching the $68K mark for the first time in three months, fueling optimism among investors. This rally also lifted meme coins, including Dogecoin (DOGE) and Bonk, which saw gains of 12% and 14%, respectively.
Bonk’s Market Performance:
In the last 24 hours, Bonk led the crypto market with a 14% rise, climbing from a low of $0.00002185 to $0.00002509. It is currently trading at $0.00002433, showing a slight pullback but still maintaining its position above $0.000024, which had been a significant resistance level for over two weeks. Daily trading volume for Bonk has also jumped by 36%, reaching $372.6 million.
Technical Analysis:
Bonk’s 4-hour chart reveals continued bullish momentum. A “Golden Cross,” where the 50-day moving average (MA) rises above the 200-day MA, indicates a shift from bearish to bullish sentiment, suggesting that Bonk’s upward trend could persist in the short to mid-term. Additionally, the Moving Average Convergence Divergence (MACD) indicator remains above the signal line, supporting a positive outlook.
Despite the bullish signals, Bonk must overcome resistance at $0.000026 to sustain its upward trajectory. While the coin attempted to breach this level on October 1, it retraced and traded between $0.000019 and $0.000023. Currently, the price has dipped slightly below its recent peak of $0.000025, indicating some resistance.
The Relative Strength Index (RSI) sits at 65, pointing to moderately strong bullish momentum. If Bonk can break through the $0.000026 resistance, its next targets would be $0.000028 and $0.000035, crucial levels for traders to watch. On the other hand, if Bonk fails to maintain its uptrend, it could find support around $0.00001975, acting as a safety net in case of a downturn.
Broader Market Context:
The recent increase in Bonk’s value comes amid a positive shift in the broader crypto market, led by Bitcoin’s climb to $68K, a level it has not seen in three months. This surge has also benefited other meme coins like Dogecoin, which recorded a 12% gain.
