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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.
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.
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