The BONK token has displayed massive price action, adding a massive 1,922% to its portfolio since the start of November. Further, the price has added over 30% in value within the past day, making it the top gainer of the day in the crypto industry.
The BONK price traded in a narrow space between $0.000006180 and $0.000008727 for over a month, following which the market gained momentum and the price surged. The price recorded a jump of approximately 295% in value in over one week, before facing rejection at $0.0000034517.
The price traded sideways for over two weeks, after which the market regained momentum and broke out but the rally was short-lived as the price faced rejection at $0.000005011.
The BONK token then traded in a consolidated range between $0.0000034517 and $0.0000050118 for the rest of November. December started positively as the token has been on a constant rise since the month started. The BONK price has gained over 150% in value this month.
The Relative Strength Index (RSI) constantly trades close to its overbought range since the month started, indicating a strong bullish influence in the market. Further, the averages show a bullish convergence, suggesting the price will continue gaining value in the coming days.
Will BONK Price Hit $0.000014 Soon?
If the bulls hold the price above the support level of $0.0000109, the BONE price will continue to gain momentum and prepare to test its resistance level of $0.00001253 soon.
Further, if the market holds the price at that level, it will attempt to test its upper resistance level of $0.00001401 in the coming week.
Conversely, if the bears overpowered the bulls, the price would lose momentum and prepare to test its support level of $0.000008386 soon. Moreover, if the bears continue to dominate the market, it will plunge further and test its lower support level of $0.00000501 by the month-end.
Source: https://coinpedia.org/price-analysis/bonk-price-hits-its-a-new-ath-is-bonk-a-good-investment-for-2024/