Bonk Price Prediction: BONK Pumps 4% As This New Pepe Derivative’s ICO Charges Toward $28 Million
Release: 2024/12/17 19:49 Reading: 236
The Bonk price surged by more than 4% in the past 24 hours, trading at $0.00003681 as of 6:01 a.m. EST. This surge was driven by increased investor interest in Solana's meme coin.
Despite this recent gain, the crypto has not erased its losses over the past week. Consequently, the altcoin remains in the red by more than 4% on the weekly time frame.
Bonk Price Consolidation
The Bonk price has been consolidating between $0.00003459 and $0.00003751 over the past few hours. Earlier today, BONK broke above the upper boundary of this sideways range but failed to close a 4-hour candle above this technical barrier.
Buyers have recently re-entered the meme coin's order books. If they continue to exert pressure over the next 8 hours, the Bonk price could gain the momentum to overcome the $0.00003751 mark and establish a position above it. Subsequently, the meme coin could rise to as high as $0.00004065.
Alternatively, if the price is rejected at the $0.00003751 resistance level within the next 8 hours, it could lead to a correction. Traders might push the meme coin's price down to the nearest support level at $0.00003447. Falling below this point could result in a further drop to the subsequent support level of $0.00003133.
Technical Indicators
Indicators on BONK's 4-hour chart suggest that the price might continue to rise in the coming hours. Notably, the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) indicate that buyers are gradually taking control of the meme coin's price.
RSI readings have risen recently, breaking above the neutral 50 benchmark, suggesting bullish strength. Continued upward movement in RSI readings could indicate that buyers are gaining strength against sellers on the 4-hour chart, giving them the power to push the Bonk price higher.
Meanwhile, the MACD line is gradually separating from the MACD Signal line. With the MACD line positioned above the MACD Signal line, the Bonk price has recently entered a short-term bullish trend. Traders should monitor the MACD Histogram. Rising readings in this indicator could signal increasing bullish momentum.
Conclusion
As Bonk attempts to break out of consolidation, the presale of a new Pepe derivative named Wall Street Pepe (WEPE) is approaching $28 million.
WEPE's impressive ICO performance is attributed to its presale launch just 13 days ago. The project's momentum at this early stage may be due to bullish predictions made by analysts, including those from the Cryptonews YouTube channel.
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