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The Bonk price rose 8% in the last 24 hours to trade at $0.00002249 as of 03:26 a.m. EST on trading volume that dropped 8% to $323 million.
This comes as the overall crypto market capitalization edges up 0.6% in the past day to $2.42 trillion, according to CoinMarketCap.com.
Bonk Price Preparing For A Rebound Over The Falling Wedge
After hitting an all-time high of $0.00004547, the Bonk price has been on a downtrend, falling within the boundaries of the falling wedge pattern after a consolidation phase within the $0.000035 range.
But the bulls are looking to use the falling wedge pattern as an encouragement to push the price over the upper boundary.
BONK is also trading below both the 50-day and 200-day Simple Moving Averages (SMAs), which supports the downtrend from the resistance level at $0.00004547.
The Relative Strength Index (RSI) is currently rebounding from the oversold region at 38. If the bulls sustain the upward trend, the RSI could soar past the 50-midline level, headed for the overbought region, which may indicate intense buying pressure.
Moreover, the Moving Average Convergence Divergence (MACD) is also bullish, as the moving average line (blue) crosses above the signal line (orange), representing a bullish crossover. A bullish crossover acts as an encouragement for the bulls to add to their buys, which may soar the price to even higher positions.
Additionally, the green bars are starting to form over the neutral line, which may show the start of positive momentum. The Average Directional Index (ADX) also supports this as it rises to level 34, showing the start of a strong bullish trend.
Bonk Price Prediction
The Bonk price analysis shows the start of a price rebound as the bulls aim to breach the upper boundary of the falling wedge as they target $0.000040. Additionally, the MACD and the ADX offer a bullish outlook for optimistic investors, who are likely to add to their positions.
The 50-day SMA crosses above the 200-day SMA, forming a golden cross at $0.00001195, which further affirms the looming bullish rally.
However, the MACD is still trading below the neutral line, which may give the bears some power. In this scenario, the bears may drive the price further down to the support zone at $0.00001909.
With the Bonk price making a comeback, you may also want to diversify your portfolio with Smog, another Solana blockchain meme coin star.
Smog Token Announces Massive Airdrop
Since its launch last month, Smog has accumulated over 102,503 holders and surged to a market capitalization of over $126 million.
The token aims to surpass the success of Solana-based meme coin titans like WIF, BONK, and MYRO, and uses the slogan ”one memecoin to rule them all!.”
One #Memecoin to rule them all! 🚀
Get ready for the greatest #Airdrop in history, distributed on #Solana. 💰
Join #SMOG on Zealy! 🔥
Link in Bio 🔗 pic.twitter.com/vsn4p5cSF4
— SMOG (@SMOGToken) February 8, 2024
The team promises the biggest airdrop in history, and has allocated 35% of the 1.4 billion token supply for this purpose.
Buy And Stake $SMOG, Participate On Zealy
Smog has already set Season 1 of the airdrop to end on April 3, in which qualification will depend on participation in completing different quests and tasks managed by Zealy.
Season 2 of the airdrop, starting on April 4, will prioritize the buying and holding of $SMOG, with even greater rewards.
The teams will introduce new community quests in Season 2, which will give the community a new starting point to earn XP. Season 2 will award more XP based on buying, holding, and swapping $SMOG.
You can also buy and stake $SMOG for an impressive annual percentage yield (APY) of 42%.
According to CryptoGains, a crypto YouTube channel, Smog has the potential to soar 100X after launch.
The best place to buy Smog is on the official website, where you can get a 10% discount while the offer lasts. You will need a compatible wallet to swap ETH or BNB for SMOG tokens. Alternatively, you can use your bank card.
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