BONK price is up 24% as shown on the weekly chart. This recent upward move takes Memcoin above the 20-day SMA, indicating a possible short-term bullish trend.
Market analysts are interested in BONK as it approaches crucial resistance at the upper Bollinger Band and expect a move higher if the price breaks the levels.
Price Action and Trend Analysis
The BONK price rebounded from a low of $0.00001766 near the lower Bollinger Band. This breakout to the upside has taken the price above the 20-day SMA, which currently sits at $0.00002117.
However, the uptrend resumed momentum after a green candle began to form, indicating a bullish reversal in the market after an extended downtrend. BONK is now approaching the upper Bollinger Band at $0.00002468 to retest the resistance level.
Key resistance and support levels
The upper Bollinger Band at $0.00002468 now acts as an immediate resistance level for BONK.
Market experts speculate that if the current price can break above this level, the price of BONK could skyrocket to previous highs, attracting more buyers.
If this resistance persists, the price could enter a period of consolidation as traders wait for new signals regarding its movement.
On the downside, support lies at the 20-day SMA, which currently sits at $0.00002117, a level that could trigger buying pressure if the price pulls back.
The next key support level is around $0.00001766 if selling pressure increases. This structure suggests that BONK has room for bullish moves.
BONK RSI and potential for further growth
As for the relative strength indicator (RSI), there is a moderately bullish signal. The RSI is currently at 55.54. A move near the 50 mark means that buying pressure is greater than selling pressure and there is plenty of room for further gains before the price reaches overbought territory.
RSI growth from oversold levels is consistent with the current bullish trend. Some X (formerly Twitter) users shared their predictions for BONK, saying that the price could rise to a range of $0.001-$0.00015.
At this price, BONK’s market cap would be in the range of $7.48 billion to $11.22 billion. This bullish forecast demonstrates community members’ confidence in the potential massive growth of BONK in the market.
