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Bonk (BONK) Price Prediction 2024 – Can Bonk (BONK) Reach The $1.00 Level In 2024?

author Written by
Rex John Walsh
author Fact checked by
Sangram Mohanta

Last Updated on June 3, 2024 by TOP FOREX BROKERS REVIEW

Bonk (BONK) emerges as a leading contender in terms of development and innovation within the cryptocurrency industry as 2024 approaches. The organization's capacity to generate substantial financial gains for investors is apparent from its distinctive market offerings, strong technological underpinnings, and expanding communities.

By providing a glimpse into the future of digital finance, Bonk (BONK) presents compelling opportunities to those interested in investing in the next generation of crypto millionaires.

Bonk (BONK) has advanced rapidly through the ranks of the Solana (SOL) ecosystem, garnering the attention of both investors and meme aficionados. Viral marketing strategies and steadfast community support have contributed to its achievement, distinguishing it as a highly prospective participant in the cryptocurrency industry.

By capitalizing on the Solana (SOL) blockchain's efficient transaction processing and minimal transaction costs, Bonk (BONK) presents itself as an appealing alternative for investors seeking to amass significant wealth by 2024.

Let’s see the upcoming price direction of this coin from the BONKUSDT analysis:


BONKUSDT On Chain Metrics Analysis


Since mid-December 2023, Bonk's price has fluctuated within a falling wedge pattern, corresponding to its recent price surge. However, market dynamics have been altered due to favorable momentum among BONK investors, which has increased prices.

Considerable on-chain reports analyzed by Lookonchain provide valuable insights into the strategic maneuvers executed by SmartMoney, an influential investor recognized for amassing a substantial quantity of BONK tokens from Binance before the surge in price. An investment by SmartMoney in 98 billion $BONK tokens, currently worth $1.54 million, showcases the company's astuteness and strategic foresight.

Currently, $7 million of SmartMoney's portfolio is invested in Bonk, which comprises 319.44 billion $BONK tokens; this holding has generated a favorable return of $2.9 million.

Bonk's recent surge in price and market capitalization, which is gaining increasing attention in the cryptocurrency market, demonstrates that investors are becoming more optimistic about the meme coin's capacity to appreciate in value and attain market dominance.


BONK Reached The Critical Fibonacci Extension Level


In the daily chart of BONKUSDT, the broader market direction is bullish as the price made a consecutive higher high after a range breakout.

The primary buying pressure came from a falling wedge breakout with a daily close above the 0.0000148 level. A shart bullish impulsive wave from the wedge breakout came without a sufficient downside correction, which left a pending action by bulls.

In the broader context, the most active level since the Binance list is at the 0.0000139 level, which is below the previous swing high. Moreover, the latest bullish wave made a valid bullish structure break, creating a base at the 0.0000148 to 0.0000111 area. In that case, a downside correlation is potent, and additional buying pressure from this order block could offer another long opportunity in this pair.

The dynamic 20-day Exponential Moving Average is below the current price with a strong gap, suggesting a bearish correction as a mean reversion. Moreover, the 14-day Relative Strenthindex (RSI) is at the overbought zone, with no sign of a divergence.

Based on the daily price prediction of BONKUSDT, a bullish continuation from the current price is possible. Following the crypto bull run, consolidation at the 161.8% Fibonacci extension area could offer a bullish continuation opportunity, targeting the 0.0000317 resistance level.

On the other hand, a deeper correction is possible towards the 0.0000181 static level, which needs a solid break below the 0.0000230 static level with a bearish daily candle. In this context, the long-term bearish reversal might come after having immediate exhaustion from the current top with a stable market below the 0.0000181 level. Considering the bearish reversal, the price may come down towards the 0.0000100 static support level.


BONKUSDT Ichimoku Cloud Analysis


In the Ichimoku Cloud analysis, the current price trades higher above the Ichimoku Cloud zone, suggesting an ongoing bullish impulsive pressure. Moreover, the future cloud flipped the direction by taking the Senkou Span A above the Senkou Span B, while the current Lagging Span trades sideways after a valid breakout.

In the secondary window, the Moving Average Convergence Divergence (MACD) suggests a strong bullish signal, as the recent reading is above the neutral line. Moreover, the Signal line is above the Histogram, which suggests a confluence of support to the buying pressure.

Based on the daily Ichimoku Cloud analysis, a sufficient downside correction is pending in the BONKUSDT price, which might create a bearish opportunity. However, an upward rebound is possible as long as the price trades above the dynamic Kijun Sen level.

In that case, a bullish reversal from the 0.0000174 to 0.0000140 area could offer a bullish continuation opportunity, targeting the 0.0000340 psychological support level.

However, the bearish reversal with a daily candle below the Ichimoku Cloud low could form a trend reversal, targeting the 0.0000080 level.


Should You Buy BONKUSDT Now?

Following the current market outlook, a crypto bull run with a stable market above the 161.8% Fibonacci Extension level could offer an immediate long opportunity for BONK investors. However, a considerable downside correction might need a HODLing approach until any bearish exhaustion comes.


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