The latest buzz from Cointelegraph revolves around the escalating popularity of LetsBonk, the Solana memecoin launchpad, and its potential impact on the price of the altcoin BONK. The key question is whether this trend can push BONK to exceed $0.000026.
LetsBonk saw its 24-hour revenue skyrocket to $1.04 million on Monday, nearly double the revenue of Pump.fun, which stood at $533,412, as per data consolidated by the decentralized finance platform, DefiLlama.
The price of BONK has seen a sharp increase following the launch of LetsBonk on April 25. The big question now is: can this rally sustain? To answer this, we delve into the charts for analysis.
BONK’s price began to rise from $0.000011 on June 22 and gained traction after surpassing the moving averages on Friday. The 20-day exponential moving average ($0.000017) has begun to ascend, and the relative strength index (RSI) is in the green zone, signifying a bullish advantage.
If the bears do not regain much ground, the BONKUSDT pair could hit the overhead resistance of $0.000026. This is a crucial threshold as piercing it will complete a double bottom pattern. It can then escalate to reach the pattern target of $0.000041.
The 20-day EMA is a significant support to observe on the downside. If it breaks below the 20-day EMA, the pair could remain within the $0.000011 to $0.000026 range for a while.
Currently, the pair has retracted below the 20-EMA on the 4-hour chart, suggesting short-term buyers are booking profits. The pair may stoop to the 50% Fibonacci retracement level of $0.000020, where it’s expected that buyers will step in. If the price bounces back from $0.000020, the bulls will again attempt to thrust the pair above $0.000024.
Alternatively, if the price slips below $0.000020, the pair could reach the 50-SMA. A deeper dip may postpone the recovery of the upward move.
This article does not represent investment advice or recommendations. Investing and trading always involve risk, and readers are encouraged to conduct their own research prior to making a decision.
