Bonk Price Prediction: BONK is up 16% in a week but still lags its new Solana Meme coin competitor Smog, which is up 68%.

bonk price soared As investors re-enter the meme coin charts, it has gained over 16% over the past seven days, trading at $0.00001361 as of 8:45 a.m. ET.

Bonk Price Overcomes Resistance

BONK/USDT 4-hour chart (Source: TradingView)

A rising wedge has formed on the 4-hour chart of the meme coin, which may suggest that the Bonk price will decline in the next 24 hours. If this pattern is confirmed, the cryptocurrency could soon retest the $0.0000128480 support level. A fall below this important price level risks BONK falling towards the subsequent support level at $0.0000088550. In an extremely bearish scenario, Bonk price could fall to $0.0000051340 in the short and medium term.

This bearish thesis may be invalidated if Bonk price closes a 4-hour candle above the rising wedge pattern within the next 24 hours. In this alternative scenario, the altcoin could attempt to challenge the $0.0000192765 resistance level. Overcoming this barrier could give BONK the foundation it needs to continue rising in the coming days. As a result, the Bonk price may rise to the $0.0000290295 threshold over the next week.

The Bears may be able to lower the Bonk price for a moment.

Technical indicators on BONK’s 4-hour chart suggest that the price of the meme coin may decline in the next 24 hours. The Moving Average Convergence Divergence (MACD) indicator shows that Meme Coin has entered a short-term negative trend over the past 24 hours. During this time, the MACD line crossed below the MACD signal line, which is generally considered to confirm a bearish trend reversal.

Additionally, buyers are rapidly losing power over sellers. The relative strength index (RSI) line crossed below the simple moving average (SMA) line. This is a sign that the bears have gained the upper hand over the bulls. Sellers also appear to be gaining strength at an alarming rate, with the RSI line sloping sharply into oversold territory below the SMA line.

If these technical flags are validated, BONK’s positive weekly streak could soon come to an end. but a competitor smog There are no signs of the new Solana meme coin Star doing anything other than rising, surging 68% in the last 24 hours. The altcoin also surpassed $3 million in 24-hour trading volume.

The Latest Addition to the Solana Meme Coin Ecosystem

Smog is the latest meme coin to enter the vibrant Solana ecosystem, and has received great response, rising 83% since launch. This brings the project to number 16 on the list of the top 20 largest meme coins by market capitalization upon joining. Here are the elite rankings of meme coins: Dogecoin, Bonk, Shiba Inu, Pepe, and Dogwifhat.

that much #smog #Dragons decided! 🔥🐉$smog is taking @bonk_inu Let’s go on a date tomorrow! 💑

Watch to see how it goes! 🎉😉 https://t.co/tYUHxVnnh6

— Smog (@SMOGToken) February 13, 2024

And in one cheeky development today, Smog tokens were airdropped to people in the Dogwifhat community with over 3,000 tokens.

Meme Coin’s strong growth since launch can be attributed to its upcoming airdrop, which is rumored to be the largest the cryptocurrency community has ever seen.

Details about the event have not been revealed, but the project’s token economics show that 35% of the token supply has been allocated for the airdrop. Despite unclear eligibility criteria for the airdrop, with Smog holders exceeding 20,000, investors are betting on the altcoin’s short- and medium-term prospects.

Trying to delete another 0.

The price of smog has surpassed $0.09 and looks set to lose another $0 soon. The team’s strategic decision to launch the meme coin on the resurrected Solana blockchain has already provided the strong foundation the altcoin needs to take off.

Adding to the meme coin’s potential is its dragon-themed branding. This appeals to buyers in the Chinese community around the world. Chinese New Year begins.

There is also speculation about a possible listing on a major centralized exchange next week. There are rumors that there could be new listings on exchanges including: bybit, Gate.io and KuCoin.

You can purchase tokens prior to these major listings. here.

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