BONK Price Prediction – Why This Memecoin Could Outperform And Rally 50%

Key Takeaways:

• BONK price gained over 25% in the last seven days and traded above $0.0000240.
• A major bearish trend line is forming with resistance at $0.0000270 on the daily chart.
• The price is stable above the 50-day simple moving average (blue) and aims for an upside break.

BONK memecoinNEW DELHI (CoinChapter.com) — BONK price started another increase from $0.000013. It is now facing an important breakout resistance at $0.0000270 and $0.0000280.

BONK Price Regains Strength

After a major decline, BONK’s price found support near the $0.0000130 zone. A support base was formed, and the price started a decent increase above $0.0000150. There was a steady increase, and the bulls were able to clear the $0.000020 resistance.

This past week, BONK, the first dog-themed coin on Solana “for the people, by the people”, lit up the night sky in Dubai, capturing the attention of all of CT with The Dog’s drone show.

A quick recap of the Dubai lights🔥

BONK lit up the night sky in Dubai, capturing the attention of all of CT with The Dog’s drone show on display…🐾

Where should BONK go viral next?#LetsBONK
❗️❗️❗️ pic.twitter.com/wfJInD9l3T

— BONK!!! (@bonk_inu) April 25, 2024

The price gained over 25% in the last seven days and outperformed both Bitcoin and Ethereum. There was a close above the 50-day simple moving average (blue) and the 23.6% Fib retracement level of the downward move from the $0.000050 swing high to the $0.0000130 low.

BONK price daily chart | Source: TradingView.comBONK is now consolidating near the 0.000025 zone and above the 50-day simple moving average (blue). It seems like the bulls are facing hurdles near the $0.0000270 and $0.0000280 levels.

On the daily chart, a major bearish trend line is forming with resistance at $0.0000270. A clear move above the trend line resistance might send the price toward the $0.0000315 resistance. The main resistance is now forming near the $0.0000358 level. It is close to the 61.8% Fib retracement level of the downward move from the $0.000050 swing high to the $0.0000130 low.

A close above the $0.0000358 resistance could set the pace for a strong upward move toward the $0.000045 level. The next major resistance might be near the last high at $0.000050. A daily close above the $0.000050 resistance zone could open the doors for a move toward the $0.000062 region.

Another Decline?

Conversely, BONK price might face rejection near $0.0000270 and start another decline. Immediate support is near the $0.0000230 level and the 50-day simple moving average (blue).

The first major support is near the $0.0000215 zone. A close below this support might send the price toward the $0.0000130 low. If the bulls fail to protect this support, there could be a larger decline. In this case, the price might decline toward the $0.000010 support.

Overall, BONK is consolidating above the 50-day simple moving average (blue) and eyeing an upside break. If the bulls succeed, the price could rally and aim for a move toward the $0.000050 zone in the coming days.