Despite the year starting on a positive note, the memecoin category has displayed a negative trend, with top coins such as Dogecoin and Shiba INU prices losing over 13% and 11% in their respective portfolios, respectively.
Bonk price followed in the footsteps and has recorded a correction of over 8% in its valuation. However, the BONK price has displayed a jump of over 30% within the past day, highlighting a trend reversal in the crypto space.
The BONK price traded in a closed range between $0.000009326 and $0.00001309 for over a week, following which the price regained momentum and jumped over 141% before facing rejection at $0.00003162.
Following this, the price lost momentum and recorded a correction of approximately 37%. The BONK token then traded sideways in a range between $0.00001732 and $0.0000200 for a period.
After multiple attempts, the price lost momentum, resulting in a breakdown. The memecoin concluded the year 2023 trading sideways. The year 2024 started under a bearish influence as the Bonk price recorded a correction of 5%.
Since then, the price has been trading in a closed range between $0.000009362 and $0.00001309, indicating a weak buying pressure in the market. However, the price is currently attempting to break out of the range, the outcome of which is unpredictable.
Will BONK Price Go Up?
The Moving Average Convergence Divergence (MACD) displays a constant rise in the histogram, indicating an increase in the buying pressure. Further, the averages show a bullish convergence, highlighting a bullpower in the market.
If the BONK price holds itself above the support level of $0.0000136, the memecoin will continue to rise and test its upper resistance level of $0.00001732 soon. Maintaining the price at that level will set the stage for the BONK token to attempt to test its upper resistance level of $0.0000200 in the coming time.
Negatively, if the bears overpowered the bulls, the price would lose momentum and fall to test its support level of $0.00001309. Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $0.000009362.
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