BONK Price Prediction: Bonk Breaks Above Major Resistance and May Have a Clear Path to $0.0000128480

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The Bonk price surged more than 22% over the past 24 hours to trade at $0.00001311 at press time.

BONK Price Breaks Above Major Resistance

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

The Bonk price broke above a medium-term negative trend line over the past 48 hours. This gave it the room needed to continue climbing. Buyer’s realized this and started purchasing into the meme coin, which led to BONK breaking above the $0.0000128480 resistance level recently.

The break above this significant price point has also cleared a path for the Bonk price to potentially rise to as high as $0.0000192765 in the short term. Continued buy pressure may even lead to the crypto rising to as high as $0.0000290295 in the upcoming days.

This bullish thesis could be invalidated if the Bonk price fails to establish a position above the $0.0000128480 barrier within the next 24 hours. In this alternative scenario, BONK may re-enter the consolidation zone between $0.0000088550 and $0.0000128480. Continued sell pressure could then put the altcoin at risk of retesting the $0.0000088550 support before possibly dropping to as low as $0.0000051340.

Bulls Show No Signs of Slowing Down

Technical indicators on BONK’s 4-hour chart suggest the meme coin’s value may continue to rise in the next 48 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators are flagging bullish.

The MACD line is breaking away above the MACD Signal line. Traders generally see this as an indication that a crypto’s positive trend is intensifying. In addition to this, the RSI is breaking away above its Simple Moving Average (SMA) line, which could signal that buyers are currently stronger than sellers. However, the RSI on Bonk’s 4-hour chart warns that the meme coin is in overbought territory. This may soon be identified as a sell signal by traders.

The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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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