The Bonk price has jumped by 9% today, rising to $0.00002324 as the cryptocurrency market as a whole suffers a 0.5% dip.
BONK has now gained 100% in a week and by 113% in the last 30 days, with the meme coin exploding during this week’s ETF-related market-wide rally.
It also sits on a massive 3,100% increase over the past year, with the coin now only 32% down from its ATH of $0.00003416 after spending much of January and February declining.
As such, BONK could post further gains in the coming weeks, particularly as the market becomes more bullish and alt season begins.
Bonk Price Prediction as BONK Approaches All-Time High – Could $1 Be Next?
BONK’s chart has reached an interesting juncture, with the coin looking overbought but also about to test its resistance level (red).
Its RSI (purple) passed 80 in the early hours of the morning and has begun to soften its ascent, suggesting a slight drop in momentum.
Source: TradingView
On the other hand, its price has shot well beyond its 30-day average (yellow), which in turn is now rising even more vigorously beyond its 200-day average (blue).
BONK’s 24-hour trading volume has also ballooned in recent days, rising from $50 million a week ago to $750 million today.
It will now be interesting to see if the coin can decisively break through its current resistance level, which sits at around the $0.000025 mark.
If it can push past this price, it could extend its current rally a little further, perhaps into the next week or so.
And with whales still accumulating the token, there’s every chance of additional gains in the near future.
Today the price of $BONK has increased by more than 50%!
A SmartMoney accumulated 98B $BONK($1.54M) from #Binance again before the price increased.
He currently holds 319.44B $BONK($7M), with a profit of $2.9M.https://t.co/1oXGa1QlKp pic.twitter.com/TXYw2H07yz
— Lookonchain (@lookonchain) February 29, 2024
However, there’s no doubt that the Bonk price will have to correct sooner or later, although the question is when.
At the moment, the wider market is looking decidedly bullish, something which by itself may be enough to keep BONK rising more or less consistently over the next couple of months.
A combination of rising Bitcoin ETF volumes, the approaching Bitcoin halving and also expectations of rate cuts has helped to push up the cryptocurrency market, and sooner or later, we may see a full-blown alt season.
This would include Bonk, which may be on course to reach $0.00003 in the next few weeks.
New High-Potential Meme Tokens
Traders may prefer to leave BONK alone at the moment, given that it has entered an overbought position.
Fortunately, there are numerous other promising meme coins in the market right now, including several newer meme tokens that look ready to rally big as they list on trading platforms.
One of the best examples of this right now is Frog Wif Hat (FWIF), which is an Ethereum- and Solana-based meme coin that recently listed on Uniswap.
Source: DEXTools/TradingView
It’s up by around 20% in the past 24 hours, with the coin holding onto most of its initial gains, in contrast to many other newer tokens.
Indeed, it’s currently up by 220% since listing towards the end of February, outperforming many more established tokens, as well as other new coins.
Aside from its playful use of memes, what’s interesting about FWIF is that it has a 100% circulating supply, with no allocation to its team or marketers.
This makes it one of the more transparent new meme coins around, in that its team or issuers will not have a big allocation that they could quickly dump.
$FWIF is now live on #CoinGecko!
Check it out below https://t.co/y5VaxzjAno
Le frogolution continues! #FrogWifHat #MemeCoin #Crypto #AltSeason pic.twitter.com/Jj7fBlMBvT
— Frogwifhat (@Frogwifhat_coin) February 29, 2024
Making FWIF seem even more bullish is the fact that it hasn’t listed on any exchanges other than Uniswap yet, so it could really take off once more trading platforms begin adding it.
Visit Frog Wif Hat Here
The post Bonk Price Prediction as BONK Approaches All-Time High – Could $1 Be Next? appeared first on Cryptonews.
