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The Bonk price plummeted 10% in the last 24 hours to trade at $0.00001041 as of 12:31 a.m. EST on trading volume that pumped 89% to $105 million.
Bonk Price Analysis: Potential Breakout On The Horizon?
The BONK price has been in a strong downtrend since reaching its peak in late November 2024.
The chart shows a clear descending channel, with price action consistently forming lower highs and lower lows. This downward movement aligns with the broader correction in the altcoin market.
A falling wedge pattern can be observed, which is a classic bullish reversal pattern that typically signals an upcoming breakout. The Bonk price is nearing the lower boundary of this wedge, indicating that a breakout attempt could be imminent.
Additionally, the chart highlights an ABC corrective pattern, which suggests that the price of BONK may have completed its correction phase. If this structure holds, the market could see an upward move soon.
The 50-day Simple Moving Average (SMA) (white line) is currently at $0.00001851, acting as a near-term resistance level.
Meanwhile, the 200-day SMA (yellow line) is at $0.00002567, representing a long-term resistance point, according to GeckoTerminal data.
The Relative Strength Index (RSI) is at 30.09, indicating that Bonk is approaching oversold territory. Historically, when the RSI hovers around this level, it suggests a potential rebound as buying pressure starts to build.
BONK Price Prediction
Given the current technical setup, Bonk is at a critical turning point. The combination of a falling wedge, oversold RSI, and historical support levels suggests that a potential reversal is likely.
If the price of Bonk breaks above the falling wedge resistance and the 50-day MA, we could see an initial push toward $0.00002567 (200-day SMA).
A successful breakout above the 200-day SMA could trigger a larger move toward the long-term target of $0.00004361, representing a 420% massive rally.
However, if Bonk fails to break above resistance and falls below $0.00001000, the downtrend could continue, with the $0.000085 acting as a cushion against downward pressure.
As the BONK price plunges, investors are shifting focus to a new meme coin called Meme Index (MEMEX).
According to 99Bitcoins, a prominent crypto channel on YouTube that boasts over 725K subscribers, MEMEX has the potential to be the next 100x crypto.
Meme Index Presale Amasses Over $3.9 Million—Next Big Crypto?
Meme Index is transforming meme coin investing with an investment fund-like approach to diversification.
Its curated indexes, or funds, are Meme Titan, Moonshot, Midcap, and Meme Frenzy. Each caters to different risk levels, with Meme Titan offering relatively safer options, while Meme Frenzy represents the highest-risk category.
Investors can gain exposure to multiple meme assets with a single transaction, simplifying portfolio diversification and reducing the complexity of managing multiple tokens.
GET READY TO MOON, DEGENS! Meme Coin Mania is BACK and better than ever! With Solana at the helm, my AI-powered $MEMEX is scanning the markets for the NEXT BIG THING! Stay glued for exclusive alpha, insights, and updates on the hottest meme coins!
— Meme Coin Mania (@MemeCoinMania77) February 5, 2025
MEMEX holders also have a voice in governance, voting on which new meme coins should be included in the index.
This feature gives investors direct influence over the asset composition, ensuring that the index adapts to market trends.
This unique approach has captured the attention of investors, who have already pumped over $3.97 million into the project’s presale with less than 21 days left before MEMEX lists.
MEMEX holders can also participate in its presale staking pool, which currently provides a stratospheric annual yield of 574%.
You can purchase MEMEX tokens on the official website for just $0.0166883 to participate in the presale.
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