BONK Price Prediction: BONK Surges 24% as It Nears Crucial Resistance Level

BONK's price has surged by 24% as indicated on its weekly chart. This recent upward movement brings the memecoin above the 20-day SMA pointing to a possible short-term bullish trend.

Memecoin BONK is up by 24% on the 7 day chart. A recent surge has brought the memecoin above the 20-day SMA, indicating a possible short-term bullish trend.

As BONK nears a crucial resistance at the upper Bollinger Band, analysts anticipate a potential run to the upside if the price breaches these levels.

Price Action (1 Hour Chart)

BONK price bounced back from a low of $0.00001766 near the lower Bollinger Band. This upward breakout has brought the price above the 20-day SMA currently at $0.00002117.

However, the uptrend regained momentum after a green candle started to form suggesting a bullish reversal in the market after a continuous downtrend.

BONK is now approaching the Upper Bollinger Band at $0.00002468 to retest the resistance level.

Crucial Resistance and Support Levels

The upper Bollinger Band at $0.00002468 is now acting as the immediate resistance level for BONK.

If the current price is able to break above this level, market experts suggest that BONK price could be up for a run to previous highs as more buyers may be enticed by the price movement.

However, if this resistance holds, the price may enter a consolidation period as traders wait on more signals regarding its movement.

On the downside, support is at the 20-day SMA currently at $0.00002117, a level that could trigger buying pressure if the price pulls back.

The next key support level is near $0.00001766 in case of increased selling pressure. This structure suggests that there is room for BONK to make bullish moves.

BONK RSI and Potential for Further Gains

A moderately bullish signal is observed from the Relative Strength Index (RSI) indicator. The RSI is currently at 55.54.

A move about the 50 mark implies that buying pressure is outpacing the selling pressure and there is potential for further gains before it reaches the overbought zone.

The rise in RSI from the oversold levels is in line with the current bullish trend. Some users on X (formerly Twitter) shared their predictions on BONK, saying that the price may rally to a range of $0.001-$0.00015.

At that price, BONK will have a market cap in the range of $7.48 billion–$11.22 billion. This bullish outlook demonstrates confidence from the community members in the possible massive growth of BONK in the market.