Will $BONK Recovery Extend to $0.00005?

Bonk Price Prediction: BONK, a meme coin based on the Solana blockchain, has recently captivated the crypto community with its dramatic rise. This rally is likely bolstered by the token’s listing on some major crypto exchanges, allowing it to reach an all-time high of $0.000035. However, has the meteoric rise pushed this Memecoin to an overbought region or does it possess the potential for further growth?

Also Read: Why Is Bonk Price Up Today?

Will Bonk Recovery Continue?

• With the latest surge, BONK holds a market cap of approximately $1.8 billion.
• The rising price has hit a new resistance at $0.000035 psychological level
• The intraday trading volume in Bonk is $1.69 Billion, indicating a 514% gain.

BONK, a Solana-based meme coin, is making waves as one of December’s highest gainers, sparking a buzz in the investor community. Starting the month at $0.00000373, the coin price surged around 838.5% to make a new All-time High of $0.000035.

The listing of BONK on major exchanges like Coinbase and Binance played a significant role in this ascent, as it led to an explosion in both its price and trading volume, fueled by mainstream liquidity influx. This recovery backed by increasing volume accentuated the buyers’ commitment to reach higher grounds. 

Such strong growth is unlikely to continue if mainly driven by news or sentiment. Thus a minor pullback or retracement to recuperate the exhausted bullish momentum.

Today, the BONK price trades at $0.00002778, with an intragain of 14.6%. The long wick rejection attached to the daily candle projects profit booking from short-term traders which could bolster a minor pullback.

Key Levels to Watch 

Should the BONK coin price make a new top at $0.000035 ATH, the Fibonacci retracement tool becomes a valuable asset for investors in identifying potential support levels. According to this technical analysis tool, the expected retracement could find substantial buying interest at different key levels. The first potential support is anticipated at around $0.000027, aligning with the 23.6% FIB. Following this, the next support could be at $0.000021, at 38.2% FIB, followed by $0.0000176 at 50% FIB.

• Bollinger Band: The coin price crossing beyond the upper boundary of the Bollinger Band indicator accentuates an unstable price hike.

• Relative Strength Index: The daily RSI slope at 88% reflects a strong bullish momentum and an overbought asset as well

Bonk Price Prediction for 2024

Considering the last pullback around the second week of December, the Fibonacci extension tool indicates the extended recovery could hit $0.0000477 aligned with the 2.618 FIB level. Furthermore, if the anticipated bull run of 2024 comes true, the BONK price could extend to a 4.236% FIB level around $0.0000718.