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Bonk Inu (BONK), a dog-themed meme coin and built on the Solana network, has now achieved a significant milestone in the world of cryptocurrency. The meme coin made history by announcing the debut of a BONK ETP in the United States, making it the first meme coin to do so.
After a brief pullback, BONK is showing signs of renewed strength as bullish momentum begins to build. The recent price action indicates that bulls have regained control, pushing the token out of its recent slump. As the market shifts, traders are now eyeing a potential upside breakout, with BONK’s next targets becoming increasingly clear. Could this be the beginning of a fresh rally, or will the bears attempt to reclaim their dominance once again? In this article, we’ll provide an in-depth analysis of BONK’s recent price action following its pullback and explore the renewed bullish strength that has emerged. By examining key technical indicators, well assess whether this shift in momentum signals the potential for further upside and a breakout, or if the token is likely to face resistance in the near term. Technical Indicators: Signs Of Bullish Momentum Building Recently, BONKs price has turned bullish on the 4-hour chart, rebounding and moving above the $0.00001792 resistance level. The meme coin is trading above the 100-day Simple Moving Average (SMA) and is demonstrating strong momentum, with a current focus on moving toward the $0.00002962 level. An analysis of the 4-hour Relative Strength Index (RSI) indicates that bulls may be poised to make a comeback. Although the RSI has decreased to 59% from the overbought zone, it remains above the 50% threshold, suggesting that bullish momentum is still present. This positioning indicates that while there has been some cooling off, the market retains the potential for upward movement as long as the RSI stays above this key level. Related Reading: Bonk Inu (BONK) Skyrockets 10%, Dethroning WIF As Solanas Largest Meme Coin Also, on the daily chart, BONK is displaying positive momentum, evidenced by a rejection wick on the present daily candlestick. Despite being below the 100-day SMA, this rejection wick shows that buyers are stepping in and pushing the price higher, causing the selling pressure to diminish. Finally, on the 1-day chart, a close look at the 1-day RSI formation suggests that BONK may fully resume its upward movement as the indicator’s signal line has climbed above the 50% threshold and is currently positioned at 53%. Potential Upside Targets: Where Could BONK Be Headed Next? As BONK demonstrates renewed bullish strength, key resistance levels to watch include the $0.00002320 mark, where previous price action has encountered obstacles. If BONK can break through this level, it could pave the way for further gains, potentially reaching the next target of around $0.00002962 and beyond. Related Reading: Can BONK Break The Mold? Analyst Predicts Stellar Rise For The Solana Memecoin Conversely, if BONK faces significant resistance at $0.00002320, the price may consolidate or attempt to test the $0.00001792 support level. A break below this range accompanied by strong volume could signal a continuation of the downward trend, possibly targeting the support level at $0.00000942. BONK was trading at about $0.00001803, showing a 2.33% decline over the last 24 hours. The cryptocurrency’s market capitalization stood at roughly $1.2 billion, while trading volume exceeded $128 million, marking decreases of 2.32% and 23.11%, respectively. Featured image from LinkedIn, chart from Tradingview.com
Binance Pay unveils a promotion offering users the chance to win up to 2,400,000 BONK for qualified purchases made this September. (Read More)
The memecoin creation platform's record monthly income showcases the growing retail interest towards Solana-based memecoins like WIF and BONK.
Many meme coins have posted gains amid a slight break in bearish including Bonk Inu, which is leading the park with an impressive gain since yesterday. It looks strongly bullish and sets to claim more highs. The past few days have been relatively calm across the crypto space but Bonk […]
Cryptocurrency analyst Sjuul recently analyzed the BONK/USDT pair on a 4-hour timeframe, highlighting a significant bullish reversal. BONK reached a crucial support level around 0.00002180 USDT, sparking optimism for an upward trend. Historically, this support level has been a strong foundation for price recovery. Sjuul notes that BONK confirmed a bullish market structure reversal at […]
In the CoinMarketCap 2024 H1 report, Solana-based meme coins have shown significant performance, with Dogwifhat (WIF) and BONK leading the charge. Dogwifhat, in particular, surged by 12.34% within a 24-hour period, driven by robust community efforts and the innovative platform Pump.fun. Remarkably, Pump.fun even surpassed Ethereum in daily revenue, achieving […]
Solana price has been on a tear lately, but critics say the networks dependency on memecoins are a warning sign to keep an eye on.
A populr crypto trdr, WHALES_CRYPTOx, hs idntifid potntil bullish signl for BONK. Th nlyst notd tht it is currntly rbounding from scnding tringl support, bullish continution pttrn. In tchnicl nlysis, n scnding tringl is formd by sris of pric highs tht trnd upwrds, long with horizontl lin rprsnting support. This pttrn […]
BONK and Cronos are making headway as the market bounces back from a volatile period that wiped out many first-quarter gains. TRX and OP show bullish trends but still face short-term fluctuations. Meanwhile, BlockDAG, a promising layer-1 project, has become a favored investment. Its recent presale success, raising over $62
Meme coins have accumulated over $50 billion in assets. The most popular tokens are the likes of Dogecoin, Shiba Inu, and Dogwifhat. Poodlana aims to be the next big thing in the meme coin industry. Turns out, the easiest way of becoming a millionaire recently has not been investing in private equity or stocks. Instead, […]
The post Pepe, WIF, Bonk minted millionaires: will Poodlana be next? appeared first on CoinJournal.
In the first half of 2024, a Forbes report highlighted several cryptocurrencies that outperformed Bitcoin.
Solid inflows into spot Bitcoin ETFs reflect investors' bullish sentiment, and this could push SOL, ICP, GRT and BONK.
Meme coins are reacting fast to the recent market recovery along with Bonk Inu, which now leads the top gainers’ chart with an insane gain in the past 24 hours. It appears bullish and set to claim more highs. Late last month, Bonk Inu ended a month’s bearish correction with […]
Bonk (BONK), the Solana-based meme coin, recently experienced a significant surge in its price, marking a notable increase in its value. Over the past month, it has seen a rise of 36%. However, on July 17, the coin declined 6.99%, dropping from $0.0000286 to $0.0000266. Currently, it is trading at $0.0000275, reflecting a 1.7% decrease, […]
Solana has emerged as the best blockchain for meme coin developers. Indeed, Solana meme coins like Dogwifhat (WIF), Popcat, Book of Meme (BOME), and Bonk are some of the biggest players in the industry. Dogwifhat has a market cap of over $2.2 billion while Bonk, Book of Meme, and Popcat have a combined valuation of over […]
The post Dogwifhat, Popcat, Bonk brace for key competitor: Poodlana appeared first on CoinJournal.
Manta Network and BONK join forces to launch Meme-ta season, offering MANTA rewards through Dual Citizenship and Active Participant programs. (Read More)
Bonk (BONK), a memecoin built on the Solana blockchain, has been making headlines with its impressive performance. Over the past week, BONK has surged by a remarkable 24%, setting the stage for a potentially significant upward climb. Analysts are increasingly optimistic about BONK’s price trajectory, highlighting several promising scenarios. As of the latest data, its […]
Some top financial analysts think that by authorizing spot Ether ETFs, the SEC has opened the floodgates to other altcoin-based spot ETFs, including Solana (SOL) and Ripples XRP.
As we approach the midpoint of 2024, three contenders are emerging as potential leaders in the meme coin market: Bonk (BONK), Dogwifhat (WIF), and Memeinator (MMTR). Memeinator launched on MEXC and Uniswap on 29th May at 3 PM UTC after a successful presale, which raised $7.7 million. For those unfamiliar, Memeinator, a coin that has […]
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