Bonk price hit a new all-time high today at 0.00003563 USD, up 32% in the past 24 hours, with the meme token performing strongly as the market continues to rise.
Although BONK has pulled back slightly after hitting its ATH a few hours ago, at 0.00003229 USD it is still up a staggering 177% from a week ago and 209% over the past month.
With a 5,000% gain over the past year, BONK clearly has strong short-term and long-term momentum.
It may even continue to rise in the coming weeks as the market becomes increasingly bullish, pushing it to new heights.
Bonk Price Prediction: BONK Hits All-Time High – 1 USD BONK Coming Soon?
BONK has strong momentum at the moment, but based on its indicators, it is entirely possible that it is due for a pullback soon, at least from a technical perspective.
Most notably, its relative strength index (purple) hit almost 90 this morning, which is definitely in (severely) overbought territory.
Meanwhile, the current price has broken through its 30-day moving average (yellow), which has also quickly broken through its 200-day moving average (blue).
These are all signs of expansion, but they cannot continue indefinitely, especially when the RSI reaches 90.
Nonetheless, BONK’s trading volume surged to $1 billion today, indicating that the meme token is seeing the most attention since November and December, when it hit its previous all-time high.
Apparently, its rise is because major whales have started buying the token again, as can be seen from the recent transfer data.
Today the price of $BONK has increased by more than 50%!
A SmartMoney accumulated 98B $BONK($1.54M) from #Binance again before the price increased.
He currently holds 319.44B $BONK($7M), with a profit of $2.9M.https://t.co/1oXGa1QlKp pic.twitter.com/TXYw2H07yz
— Lookonchain (@lookonchain) February 29, 2024
Some traders may suspect that after setting a new all-time high today, BONK may see a significant pullback in the next few days as buyers may take profits.
However, the current rally comes against the backdrop of a rapidly expanding cryptocurrency market, driven by Bitcoin and its increasingly popular ETFs.
Moreover, the market is likely to continue expanding, at least until the upcoming Bitcoin halving event next month.
Therefore, we may see BONK surpass new all-time highs in the coming weeks, most likely breaking through 0.000040 USD soon, and perhaps even removing a decimal point before the summer.
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