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The dog-themed Solana meme coin Bonk (BONK) took the market by storm, and has soared more than 20,600% since its launch. It has also become the 6th biggest meme coin by market cap, boasting a capitalization of around $1.6 billion. Recently, the altcoin underwent a big rise. This Bonk price prediction will analyze potential scenarios and key levels to watch on the meme coin’s charts.
Bonk ETP Announced
At the recent Solana Breakpoint conference, the team behind BONK announced the launch of an ETP (exchange-traded product) linked to the meme coin. This is a major fundamental development for the crypto, and could lead to increased interest from investors given the fact that the product will make investing in the token similar to investing in stocks.
Additionally, the launch of a BONK ETP is a step in the right direction towards a BONK-based ETF. This year, the market celebrated the launch of both spot Bitcoin and spot Ethereum ETFs in the US. Spot Bitcoin ETFs have attracted billions of dollars from investors, and allowed for the institutional adoption of the flagship crypto.
Products based on ETH have not been as successful. A BONK ETF might also not gain the traction of spot Bitcoin ETFs either. Nevertheless, it could most likely lead to increased capital flowing into the meme coin’s ecosystem, which might have a positive impact on the Bonk price.
Current Market Standing
BONK is trading at $0.00002277 as of Sept. 27, 2024. This is after the Bonk price surged 15% in the last 24 hours and more than 24% in the last week. With its market capitalization of $1,608,770,947, the crypto is ranked as the sixth biggest meme coin in this regard. It is also ranked at number 54 overall in the market.
BONK reached its all-time high on March 4, 2024, and was able to reach a peak of $0.00002296. The meme coin has since corrected 51% from this high to trade at its current level.
Technical Analysis
BONK has shown fluctuating behavior in the past few weeks, closing last week at $0.00002271, slightly up from its previous price levels. The most recent closing prices indicate a gradual incline, following $0.00001711, $0.00001646, and $0.00001641. This upward trend, although modest, signals some resilience in BONK’s price action. However, key technical indicators reveal a mix of bullish and bearish tendencies, which traders should closely monitor.
From a technical standpoint, the Bonk price has significant resistance levels at $0.00003102, $0.00003248, and $0.00003394. These levels represent potential zones where the Bonk price may face selling pressure, and overcoming them would signal a stronger bullish trend. On the downside, the immediate support level rests at $0.00001996, followed by more critical levels at $0.00001625 and $0.00001007. If the Bonk price breaches these lower support levels, it could signal a more bearish shift for the pair.
Weekly chart for BONK/USDT (Source: TradingView)
Examining the exponential moving averages (EMAs) provides further insight. The 9-week EMA, currently at $0.00001969, is sitting below the 20-week EMA of $0.00002083. This alignment suggests a bearish crossover, indicating that short-term momentum is weaker than the longer-term trend. The fact that the current price is struggling to stay above these averages points to a potential downtrend in the near term. However, if BONK can maintain its price above the 9 EMA, it could push toward retesting its resistance at $0.00003102.
MACD (Moving Average Convergence Divergence) values reveal a bearish trend that seems to be losing strength. Over the last few weeks, the MACD line has remained below the signal line, although the negative histogram readings are shrinking. Last week, the MACD histogram stood at -0.000000933, which is an improvement from the previous week's -0.000001454. This suggests that while bearish momentum persists, the selling pressure might be easing, potentially paving the way for a reversal if market sentiment shifts.
The Relative Strength Index (RSI) has hovered around the mid-40s, with the latest reading at 51.01. This level indicates neutral momentum, though it leans slightly toward a bullish sentiment. The RSI's rise from 43.51 to 51.01 signals growing buying pressure, suggesting that the Bonk price may be gathering strength to test its resistance levels. A continued increase in RSI could signify a shift in market sentiment, pushing the Bonk price toward the $0.00003102 mark.
Overall, BONK is currently trading near critical support levels, with mixed signals from technical indicators. The EMAs and MACD lean bearish, but the improving RSI and shrinking negative momentum in the MACD histogram provide some hope for a reversal. Should the Bonk price break below $0.00001625, it would signal a deeper correction toward $0.00001007. However, if bulls manage to push the Bonk price above the $0.00003102 resistance, it could initiate a more significant bullish rally toward the higher resistance levels of $0.00003248 and $0.00003394.
BONK Price Prediction 2024
With its recent trading range and critical support and resistance levels in focus, the future trajectory of BONK remains uncertain but offers opportunities for both bullish and bearish scenarios.
If BONK fails to break above its resistance levels at $0.00003102 and $0.00003248, and instead breaches its critical support at $0.00001625, the token may face a more prolonged bearish phase in 2024. The next significant support at $0.00001007 could be tested, suggesting that BONK could decline further in a pessimistic scenario, potentially revisiting its lows.
Additionally, the EMA and MACD indicate that short-term bearish pressure is still lingering, and without a reversal in momentum, BONK might struggle to regain positive traction. A break below $0.00001625 would signal more downside risk, which could lead to BONK stabilizing around the $0.00001 mark in a worst-case scenario.
On the upside, if the Bonk price manages to build bullish momentum by holding above its current support and breaking through the $0.00003102 resistance, it could open the door for further gains. A sustained rally beyond $0.00003248 and $0.00003394 might signal that BONK is entering a recovery phase, with the potential for a push toward new highs in the mid-$0.00004 range by the end of 2024.
The improving RSI and easing bearish momentum in the MACD histogram could hint at a possible recovery. If buying pressure continues to increase, BONK could see a rally back toward $0.00004 or higher, depending on broader market conditions and investor sentiment.
BONK Price Prediction 2025
Looking further ahead to 2025, BONK’s price prediction remains highly speculative but can be guided by a combination of historical price action, technical indicators, and broader market trends. Here are two possible scenarios for BONK in 2025 based on its current outlook.
If BONK fails to break key resistance levels in 2024 and continues to trade under bearish pressure, it could enter a long-term consolidation phase into 2025. In this scenario, BONK might remain below $0.00001625 for an extended period, with price movements constrained between $0.00001 and $0.000015 as it struggles to regain traction.
In this scenario, BONK would likely be dependent on broader market movements, and without a major fundamental shift, it could experience slow growth or stagnation throughout 2025. Investors should be cautious of this possibility, especially if macroeconomic conditions or the overall sentiment in the crypto market remains bearish.
On the other hand, if BONK manages to regain momentum and break key resistance levels during 2024, it could set the stage for a more significant recovery and growth phase in 2025. Assuming BONK can overcome resistance at $0.00003102 and $0.00003394 and maintain support above these levels, it’s possible that the token could reach the $0.00005 range by mid-2025.
A more optimistic scenario could see BONK potentially reaching the $0.00007 to $0.00008 range by the end of 2025, especially if the broader cryptocurrency market enters another bullish cycle. Factors such as increased adoption, improved market sentiment, and positive developments within the BONK ecosystem could further fuel its price growth.
BONK Price Prediction 2030
It is difficult to predict what the Bonk price will do in 2030. However, the meme coin’s appeal could lead to a gradual increase in its value through the course of the next few years if the token’s community remains engaged.
In a bullish scenario, the Bonk price could rise to between $0.0005 and $0.00065. An extremely optimistic case might see the meme coin soar to as high as $0.00085 by 2030. On the other hand, bears maintaining control could lead to a more conservative rise in the canine-theme token’s price to between $0.0001 and $0.00015. However, it’s important to remember that investors and the meme coin’s community will need to remain engaged to ensure the meme coin’s longevity in the market.
Is BONK a Good Investment?
BONK has demonstrated remarkable growth since its launch, surging over 20,600% and cementing itself as the sixth-largest meme coin by market cap at around $1.6 billion. The recent announcement of a BONK exchange-traded product (ETP) linked to the coin adds a significant fundamental catalyst that could further enhance its appeal to investors. However, despite these positives, BONK's technical indicators paint a mixed picture. Its recent price action shows both bullish and bearish tendencies, with key resistance and support levels that could define its future trajectory.
While the launch of the BONK ETP is a promising development, it's essential to recognize that the meme coin market can be highly speculative and volatile. BONK's ability to maintain investor interest and overcome bearish pressure will largely depend on market sentiment and the success of its new financial products. For investors looking to capitalize on meme coin volatility and with a high risk tolerance, BONK may offer opportunities. However, cautious investors should weigh the risks and closely monitor key technical and fundamental developments before making any decisions.
Disclaimer: Coinpaper does not recommend that any cryptocurrency should be bought, sold, or held by you. Always conduct your own research and consult your financial advisor before investing in any digital asset.
Frequently Asked Questions
Is BONK a good long-term investment?
BONK has shown massive growth, but it’s highly speculative and volatile. The new BONK ETP could attract more investors, but long-term success depends on market sentiment and ecosystem developments. Approach with caution.
How does the launch of the BONK ETP impact its price?
The BONK ETP could increase demand by making the coin more accessible to investors, potentially boosting its price. However, its success depends on market adoption, so it’s uncertain if it will have the same impact as Bitcoin or Ethereum products.
