Bonk Price Prediction: Solana Meme Coin BONK Drops 4% but Technicals Suggest a Short-Term Bullish Reversal

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The Bonk price plummeted more than 4% over the past 24 hours to trade at $0.00001046 at press time as investors grow impatient with the meme coin’s underperformance.

The Bonk price continues to trade flat

4-hour chart for BONK/USDT (Source: TradingView)

The Bonk price continues to trade within a historic buy zone between $0.0000088550 and $0.0000128480. Should bulls decide to pick up the Solana meme coin at its current prices, BONK could soon break out above $0.0000128480 and begin soaring. In this bullish scenario, the Bonk price may attempt to flip the $0.0000192765 resistance level into support in the short term. A daily candle close above this significant mark could then give the crypto the foundation needed to rise to the subsequent barrier at $0.0000290295 through the course of the following week.

This bullish thesis may be invalidated if the Bonk price breaks below $0.0000088550 in the next week. In this alternative situation, the meme coin’s value could plummet to as low as $0.0000031115.

Technicals Hint At A Bullish Move

Traders and investors will want to note that technical indicators on BONK’s 4-hour chart suggest the meme coin may enter into a short-term bullish move soon. The Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) signal that buyers are slowly entering the meme coin’s charts.

The MACD line is rising towards the MACD Signal line. Should these two lines cross, it may signal that the Bonk price has entered into a bullish cycle. In addition to this, buyers are gradually reclaiming their strength against sellers. This is evident by the RSI line rising towards its Simple Moving Average (SMA) line. If these technical flags are confirmed and validated, the Bonk price may soon surpass the $0.0000128480 barrier.

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Author

Steven Walgenbach

Steven's passion for cryptocurrency and blockchain technology began in 2014, inspiring him to immerse himself in the field. He notably secured a top 5 world ranking in robotics. While he initially pursued a computer science degree at the University of Texas at Arlington, he chose to pause his studies after two semesters to take a more hands-on approach in advancing cryptocurrency technology. During this period, he actively worked on multiple patents related to cryptocurrency and blockchain. Additionally, Steven has explored various areas of the financial sector, including banking and financial markets, developing prototypes such as fully autonomous trading bots and intuitive interfaces that streamline blockchain integration, among other innovations.

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