Key point:
Solana memecoin launchpad LetsBonk’s 24-hour revenue surged to $1.04 million on Monday, nearly double the revenue of Pump.fun at $533,412, according to data aggregated by decentralized finance platform DefiLlama.
Bonk’s (BONK) price has rallied sharply since the launch of LetsBonk on April 25. Could the rally continue? Let’s analyze the charts to find out.
BONK price prediction
BONK turned up from $0.000011 on June 22 and picked up momentum after breaking above the moving averages on Friday.
The 20-day exponential moving average ($0.000017) has started to turn up, and the relative strength index (RSI) is in the positive territory, indicating that the bulls are at an advantage.
If buyers do not cede much ground to the bears, the BONK/USDT pair could reach the overhead resistance of $0.000026. This is a significant level to watch out for because a break above it will complete a double bottom pattern. The pair may then climb to the pattern target of $0.000041.
The 20-day EMA is the crucial support to watch out for on the downside. A break below the 20-day EMA could keep the pair inside the $0.000011 to $0.000026 range for some time.
Related: SOL price ’bull chart’ targets $300 as Solana ETF approval odds hit 99.7%
The pair has pulled back below the 20-EMA on the 4-hour chart, indicating profit booking by the short-term buyers. The pair could dip to the 50% Fibonacci retracement level of $0.000020, where buyers are expected to step in. If the price rebounds off $0.000020, the bulls will again try to drive the pair above $0.000024.
Instead, if the price skids below $0.000020, the pair could reach the 50-SMA. A deeper correction is likely to delay the resumption of the up move.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.