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The Bonk price has soared 19% in the last 24 hours to trade at $0.00003074 as of 6:50 a.m. EST on a 39% surge in trading volume to $1.6 billion.
Bonk Price May Face A Short-Term Correction
The BONK/USDT trading pair shows a strong bullish reversal following a lengthy consolidation phase near a major support zone, highlighted on the chart by the orange line. This support level, around $0.00002194, has acted as a solid base, providing a foundation for the current uptrend.
BONK has rallied after multiple rejections at this support zone, indicating that the buyers are stepping in at these lower price levels.
BONKUSDT Analysis Source: Tradingview
The price has spiked to $0.00003141, with a daily gain of approximately 17.64%, indicating strong upward momentum.
The recent rally has also been supported by a moving average (MA) cross between the 50-day and 200-day MAs, which typically signals a bullish trend reversal. The 50-day MA is now above the 200-day MA, confirming this shift in sentiment.
In addition, the RSI (Relative Strength Index) is at 75.53, moving into overbought territory (above 70), which indicates a strong bullish momentum but also indicates that the Bonk price might face resistance as it becomes overextended.
This level of RSI suggests that while buyers are in control, a short-term pullback or consolidation could occur as the asset approaches higher resistance zones.
The yellow arrows on the chart indicate a projected continued uptrend if bullish momentum persists. Breaking above the current level around $0.00003141 would set the stage for BONK to aim for new highs.
However, if the price fails to maintain this momentum, it might test the support level around $0.00002325, which aligns with the 50-day MA and offers additional support for potential retracements.
Crypto All-Stars Closes On $3.5 Million
Investors looking for the next crypto to explode like Bonk did might take a look at Crypto All-Stars (STARS), which is closing on $3.5 million in presale.
According to 99Bitcoins, a prominent crypto channel on YouTube with over 706K subscribers, $STARS has the potential to soar 100X after its launch.
Crypto All-Stars is an innovative platform that enables investors to stake meme coins in one place and earn rewards in STARS tokens.
Initially, it will support 11 leading meme coins: PepeCoin, Dogecoin, Shiba Inu, Floki, Brett, Mog Coin, Milady, Turbo, Toshi, Coq Inu, and Bonk, with more to be added in the months ahead.
Why Is Everyone Excited?
In its initial presale phase, Crypto All-Stars raised over $350k! 💰
This early success shows that investors see BIG potential here. 🚀
Could this be the next $PEPE? 👀
— web3telepath (@web3telepath) August 15, 2024
In addition to staking popular meme coins, investors can also stake the native STARS token for a huge 469% annual yield (APY).
The token is currently priced at $0.0015618 and can be purchased with BNB, USDT, or a bank card.
With a price increase expected in less than 3 days, buy quickly to secure the best deal.
Buy STARS on the official STARS website here.
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