The BONK Price Soars to a New All-Time High
The price of BONK has reached a new all-time high of $0.000015 today, marking a significant increase in value. However, it has yet to close above an important Fib resistance level. The question remains: will it surpass this level?
BONK’s Impressive Increase
BONK has experienced a rapid price increase since October 20. On November 20, it broke out from its previous all-time high and continued its upward movement. Today, it reached a new all-time high of $0.0000150. In just 56 days, the BONK price has surged by 8,820%.
BONK Flips PEPE and Gains Momentum
BONK has now surpassed PEPE in terms of market capitalization, making it the third largest meme coin. To become the second largest, it would need to increase by another 800%. This surge may have been fueled by Coinbase’s announcement of exclusive support for BONK on the Solana network.
How Long Will the Increase Continue?
According to market traders, the RSI indicator can help identify overbought or oversold conditions and determine whether to buy or sell an asset. The daily RSI for BONK shows a bearish divergence since November, suggesting that a top may be near.
The Bullish Price Action
Despite the bearish divergence, the BONK price is currently bullish. It has surpassed an important Fib retracement level and could potentially reach the next resistance at $0.000018 if it closes above this level. However, if the price falls below this level, the bearish divergence may trigger a downward movement back to the previous all-time high of $0.0000057.
Hot Take: BONK Continues to Break Records, but Caution is Advised
The BONK price has skyrocketed to new heights, experiencing an impressive increase in value. However, the bearish divergence on the RSI indicator suggests that a top may be approaching. It’s crucial to monitor the price closely and consider potential risks before making any investment decisions.
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