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The Bonk price surged more than 13% over the past 24 hours to trade at $0.00001191 as of 9:10 am EST as buyers re-enter the Solana meme coin’s charts.
The Bonk Price Overcomes A Bearish Trend Line
4-hour chart for BONK/USDT (Source: TradingView)
The Bonk price was able to break above a medium-term negative trend line over the past 24 hours. As a result, the meme coin may attempt to overcome the $0.0000128480 resistance level soon. A 4-hour candle close above this level will place BONK outside of the historic buy zone, which has also been a consolidation channel for the crypto.
Traders and investors may therefore identify a break above this key level as a long entry. This could ignite a wave of buy pressure that could then boost the Bonk price to as high as $0.0000192765 in the short term. In an extremely bullish scenario, the altcoin could break this barrier and potentially rise to as high as $0.0000290295 in the few days following the break above this mark.
This bullish thesis could be invalidated if the Bonk price is rejected by the $0.0000128480 resistance, or if it falls below the negative trend line in the next 48 hours. In this alternative scenario, BONK may retest the lower boundary of the consolidation channel at $0.0000088550. Dropping below this significant price point could put the Bonk price at risk of dropping to $0.0000051340.
Bonk Price May Keep Rising As Technicals Flag Bullish
Technical indicators on BONK’s 4-hour chart suggest that the BONK price may continue to rise in the next 24 hours. Both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators are flagging bullish.
The MACD line is breaking away above the MACD Signal line. This not only indicates that BONK is in a positive cycle, but also signals that the bullish trend is growing stronger as well. In addition to this, the RSI line is breaking away above its Simple Moving Average (SMA) line, which traders normally see as a sign that buyers are growing stronger against sellers. Traders and investors will want to watch the RSI on the 4-hour chart for the next two days, as it shows that BONK is in extreme overbought territory. This may be the precursor to a brief pullback in the next 48 hours.
Although Bonk was able to overcome a negative trend line and may look to continue its climb, it is not able to keep up with Smog, which has printed a 200% gain in just the past 24 hours.
The Next Solana Meme Coin To Explode
Smog is looking to become the next Solana meme coin to skyrocket, as it attempts to outshine its predecessors Bonk, Honk, Myro and Dogwifhat. With its focus on community engagement and long-term investment through airdrops, Smog is perfectly positioned to ride the rising meme coin trend.
Smog will grant token holders access to an expert crypto community. The aim of this hidden group is to build the community support needed to unlock unstoppable virality in the meme coin sector, with the promise and excitement of interactive sustained multi-airdrop campaigns that gamify the experience for the user.
What has investors the most excited about Smog is its rumored large token airdrop. Although specific details regarding the event have not been revealed, the project’s tokenomics suggests a substantial airdrop is on its way, as 35% of the token’s supply has been allocated for airdrop rewards.
Appeal To Asian Investors
Smog could explode soon given its appeal to Asian crypto investors. Chinese New Year Celebrations are set to start on Feb. 10, and 2024 is the year of the dragon.
Smog may surge in the coming two weeks given its dragon theme. This could attract investors from the vibrant Asian crypto markets amid the Lunar New Year celebrations across the region.
SMOG can be purchased here.
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