Join Our Telegram channel to stay up to date on breaking news coverage
The Bonk price went ballistic with a 28% pump in the last 24 hours to trade at $0.00003244 as of 5:45 a.m. EST.
BONK’s 24-hour gain is part of the positive trend seen throughout the meme coin sector, which saw its market capitalization jump 9% to $58.62 billion.
A Bearish Pattern Warns The Bonk Price Might Drop
4-hour chart for BONK/USD (Source: GeckoTerminal)
A bearish rising wedge pattern has formed on BONK’s 4-hour chart, which suggests the Bonk price might undergo a correction soon. This comes as the meme coin attempts to flip the $0.00003124 resistance level into support.
Should the Bonk price close a 4-hour candle above this threshold within the next 8 hours, it might have the technical foundation needed to keep climbing in the short term. Traders could subsequently enter into a long position for the crypto. This potential buy volume might then push BONK to as high as $0.00003377.
On the other hand, the Bonk price failing to close a 4-hour candle above $0.00003124 within the next 8 hours could invalidate the bullish thesis. The bearish pattern might be validated in this alternative scenario, resulting in the meme coin plummeting to the immediate support at $0.00002845.
Continued sell pressure if the Bonk price falls to this mark could then lead to it dropping to the next safety net at $0.00002567 in the following 24 hours.
The BONK Price Enters Overbought Territory
From a technical perspective, BONK is currently in a positive cycle. This is signaled by the Moving Average Convergence Divergence (MACD) line’s position above the MACD Signal line. With the former breaking away above the latter, it seems this positive momentum also shows no signs of slowing down just yet.
However, traders will want to keep an eye on the Relative Strength Index (RSI) indicator on the 4-hour chart, which warns that BONK is currently overbought. Traders usually identify this as a sell signal, since the crypto’s downside potential is greater than its upside potential.
Although it is not unusual for a crypto to remain in overbought territory for a sustained period of time when it is pumping, the bearish chart pattern on the 4-hour chart as the meme coin challenges resistance suggests this might not be the case for BONK.
With the emergence of a bearish chart pattern on BONK’s 4-hour chart, traders might begin to realize their profits and shift some capital into Solana meme coin competitors like Smog (SMOG).
Off To A Roaring Start
Solana managed to gain substantial traction in the market during the past few weeks due to an investor frenzy around SOL meme coins. With Solana serving as a launchpad for popular meme coins such as BONK, WIF, WEN and countless others, dragon-themed Smog seeked to capitalize on the SOL meme coin hype.
Smog took the market by storm by promising what its team referred to as “the greatest airdrop of all time.”
During this massive ongoing campaign, investors are tasked with completing a list of quests to build their XP. This XP is then used to determine the percentage of the airdrop each investor will receive at the end of each season.
During the first season, eager investors rushed to complete numerous Zealy quests. It did not take long for investors to complete over 1 million quests and for Smog to reward them with an airdrop giveaway of about $1 million.
🌇 We're starting the day with a bang #Dragons! 💥
🐉 $SMOG will be listed on @MEXC_Official exchange! 🎉
Deposits are now open! 💰🔥
Voting is live and ends tomorrow at 6:50 am UTC! 🗳️
Trading begins tomorrow at 9 am UTC! 📈
Also, it's the final call as Season 1 of the SMOG… https://t.co/pgQCzuXeoL
— SMOG (@SMOGToken) April 3, 2024
This positive momentum carried over to the project’s second season of its airdrop campaign. Interest around SMOG’s airdrop campaign remains high, as demonstrated by the 163% surge in trading activity SMOG recorded over the past 24 hours.
A Lucrative Staking Program Up For Grabs
SMOG’s airdrop campaign is not the only thing pulling investors in. In addition to being a Solana meme coin with great speculative potential, the project is also offering investors a lucrative staking program with a competitive APY.
Anyone who buys SMOG during this early stage can lock up their tokens for up to 42% in annual rewards.
YouTuber Jacob Crypto Bury recently analyzed the project’s potential to generate substantial returns for investors. In the video, he said SMOG could skyrocket 1,000x.
The best place to buy SMOG is on the offiicial website here, where there is a 10% discount. You can buy with ETH, USDT, or a bank card.
Related Articles:
- Best Altcoins to Invest In: Unveiling Top Picks for Maximum Returns!
- Sealana Presale Blasts Past $2 Million: A New Era For Solana Meme Coins
- Best Crypto to Buy Right Now May 21 – TRON, XRP, Synthetix
Smog (SMOG) - Meme Coin With Rewards
- Airdrop Season One Live Now
- Earn XP To Qualify For A Share Of $1 Million
- Featured On Cointelegraph
- Staking Rewards - 42% APY
- 10% OTC Discount - smogtoken.com
Join Our Telegram channel to stay up to date on breaking news coverage
