The memecoin market has seen a strong bullish reversal as the Bitcoin price today successfully maintains its value above the $100,000 mark. While major coins like DOGE price and SHIB price are seeing steady growth, memecoin Bonk has seen double-digit growth.
Given the current market sentiment, will this Solana-based crypto surpass the price of Dogecoin in the upcoming altcoin season? CoinPedia’s expert panel uncovered possible near-term market sentiments, price analysis, and possible price targets for the Bonk (BONK) memecoin.
Bonk Memecoin retests its important resistance level!
The price of Bonk jumped 11.83% in 24 hours with a trading volume of $602.84 million, a variation of +171.82%. Moreover, with a weekly increase of around 16%, this memecoin managed to reclaim the $0.000030 mark, highlighting an increased positive influence.
Additionally, this altcoin has climbed approximately 7% over the past 30 days and has a year-to-date return (YTD) of 5.66%. With a market capitalization of $2.467 billion, the BONK meme coin ranked 51st on the global crypto market list.
Bonk’s Technical Feelings
The Moving Average Convergence Divergence (MACD) displays a steady increase on the green histogram, with its averages recording bullish convergence on the daily time frame. This suggests a positive outlook for the 03rd largest coin in the market.
On the other hand, the SMA indicator constantly supports the Bonk price chart on the 1D timeframe. This suggests that this memecoin could continue to gain value over the coming week.
Will BONK price reach $0.000050 this month?
If the bullish sentiment continues, Bonk coin price will regain its resistance at $0.00003390. Maintaining the price at this level could pave the way for its upper resistance level of $0.00004050 this month.
Conversely, a bearish reversal could pull the price towards its $0.000030 support level. Additionally, if the bearish sentiment intensifies at this point, it could plunge towards its low of $0.0000270.
Wondering about the long-term price prospects of this memecoin? Read CoinPedia Bonk Price Prediction to unravel the mysteries possible until 2030!
FAQs
For Bonk memecoin to reach the $1 mark, its market capitalization will need to increase to $92.7 trillion. Therefore, it is very unlikely that this memecoin project will achieve this price target.
With increased adoption and growing bullish sentiment, the price could reach a peak trading value of $0.000063 this year.
At the time of writing, the value of one BONK token was $0.00003219.