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The Bonk price soared more than 16% in the past 7 days to trade at $0.00001361 as of 8:45 a.m. EST as investors re-enter the meme coin’s charts.
The Bonk Price Overcomes Resistance
4-hour chart for BONK/USDT (Source: TradingView)
A rising wedge has formed on the meme coin’s 4-hour chart, which could suggest that the Bonk price will drop in the next 24 hours. Should this pattern be validated, the crypto may retest the $0.0000128480 support level soon. A drop below this significant price point will open up the risk of BONK falling to the subsequent support level at $0.0000088550. In an extremely bearish scenario, the Bonk price could fall to as low as $0.0000051340 in the short to medium term.
This bearish thesis may be invalidated if the Bonk price closes a 4-hour candle above the rising wedge pattern within the next 24 hours. In this alternative scenario, the altcoin may attempt a challenge at the $0.0000192765 resistance level. Overcoming this barrier could give BONK the foundation needed to keep rising in the next few days. As a result, the Bonk price could rise to the $0.0000290295 threshold through the course of the following week.
Bears May Briefly Bring The Bonk Price Down
Technical indicators on BONK’s 4-hour chart suggest the meme coin’s price may drop in the coming 24 hours. The Moving Average Convergence Divergence (MACD) indicator shows that the meme coin entered into a short-term negative trend in the last 24 hours. During this period, the MACD line crossed below the MACD Signal line, which is generally seen as a confirmation of a bearish trend reversal.
In addition to this, buyers are rapidly losing strength against sellers. The Relative Strength Index (RSI) line crossed below its Simple Moving Average (SMA) line. This signals that bears have gained the upper hand against bulls. Sellers also seem to be growing their strength at an alarming pace as the RSI line is steeply sloped towards oversold territory below the SMA line.
If these technical flags are validated, BONK’s positive weekly streak may come to an end soon. But competitor Smog shows no signs of doing anything except climb with the new Solana meme coin star soaring 68% in just the past 24 hours. The altcoin also saw its 24-hour trading volume top $3 million.
The Latest Addition To The Solana Meme Coin Ecosystem
Smog is the latest meme coin to enter the vibrant Solana ecosystem, and has made quite the entrance with an 83% surge since its launch. This has nudged the project into the top 20 list of the biggest meme coins by market cap at 16th place as it joins the ranks of the meme coin elite alongside the likes of Dogecoin, Bonk, Shiba Inu, Pepe and Dogwifhat.
The #SMOG #Dragons have decided! 🔥🐉$SMOG is taking @bonk_inu for a date tomorrow! 💑
Tune in to see how it goes! 🎉😉 https://t.co/tYUHxVnnh6
— SMOG (@SMOGToken) February 13, 2024
And in one cheeky development today, Smog tokens were airdropped to people in the Dogwifhat community with more than 3k tokens.
The strong growth of the meme coin since its launch could be attributed to its upcoming airdrop, which is rumored to be the largest the crypto community has ever seen.
Although details regarding the event have not been revealed, the project’s tokenomics indicates that 35% of the token’s supply has been set aside for airdrops. Despite unclear eligibility criteria for the airdrop, investors are buying Smog, betting big on the altcoin’s short to medium-term prospects as the number of holders surpasses 20,000.
About To Drop Another Zero
Smog’s price has surpassed $0.09 and seems to be on track to lose another zero soon. The team’s strategic decision to launch the meme coin on the resurgent Solana blockchain has already given the altcoin the strong foundation needed to take off.
Adding to the meme coin’s potential is its dragon-themed branding, which appeals to buyers in Chinese communities across the world as the Chinese New Year of the Dragon gets underway.
Speculation of potential listings on major centralized exchanges next week have also been making the rounds. There are rumors that there may be new listings on exchanges including BuyBit, Gate.io and KuCoin.
The token can be purchased before these possible major listings here.
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