Bonk Price Prediction: BONK Pumps 10% As Investors Turn To This Meme Coin That Might 100X Again

The Bonk price is up 10% in the last 24 hours to trade for $0.0000205 as of 10:30 a.m. EST time, but trading volume has dwindled 16%.

It comes after a 45% pullback on the 12-hour timeframe. The Solana-based meme coin lost most of the ground covered between December 13 and 14 that came amid an outbreak of meme coin fever.

As the euphoria continues to fade, one meme coin has attracted lasting interest among investors. MK, which according to analysts has 10X growth potential, is the latest meme coin frenzy.

It’s surging past key milestones as it prepares for blast off soon and features among this ranking of the top five cryptocurrencies to buy now:

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Bonk Price Prognosis

Bonk price remains bullish despite the pullback. This is until such a time when it breaks and closes below the $0.0000151 invalidation level. For now, the bulls still have the upper hand. Evidence of this is the Moving Average Convergence Divergence (MACD) still in the positive territory on the 12-hour timeframe.

Bonk price is confronting the upper boundary of the descending parallel channel. Increased buying pressure could see the meme coin’s market value rise, breaking above the channel to tag the $0.0000243 resistance level. Further north, the gains could extrapolate for the meme coin to test the $0.0000320 barricade.

If buyer momentum extends, flipping this resistance level into a support floor, Bonk price could reclaim the range high at $0.0000350, or in a highly bullish case, extend a neck higher to the $0.0000400 psychological level. This would denote a 97% climb above current level.

Accentuating the bullish thesis is the up-moving Relative Strength Index (RSI), which shows that momentum is rising.

TradingView: BONK/USDT 12-hour chart

Conversely, if profit-booking increases, Bonk price could drop, losing the support due to the midline of the descending parallel channel at $0.0000151. A 12-hour candlestick close below this level would invalidate the bullish thesis.

Lower, enhanced seller momentum could see Bonk price lose the $0.0000118 support. In the dire case, it could slip past the $0.0000100 psychological level, paving the way for an extended slump to the $0.00000017 range low.

As Bonk price fights to escape that outcome, savvy investors are looking at SPONGE V2, the upgrade to the original Sponge, SPONGE V1.

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Promising Alternative To BONK

SPONGE V2 is an upgrade on Sponge, giving investors entry into a stake-to-bridge ecosystem. Any investor that stakes or buys SPONGE V1 on the website will get an equivalent amount of SPONGE V2 alongside staking rewards from their locked Sponge V1 tokens.

???? We’re excited to announce that #Sponge is bridging from V1 to V2!

Stake your $SPONGE to earn #SpongeV2 tokens. ????????

Buy and stake now for a special V2 token bonus! Don’t miss out ????#MemeCoin #Web3 #BullMarket pic.twitter.com/bYmkg1TNrU

— $SPONGE (@spongeoneth) December 18, 2023

SPONGE V2 builds atop the success of Sponge V1, after the latter’s massive surge had investors turning from PEPE to SPONGE after the token was named among the top ten meme currencies on CoinMarketCap on May 6, surpassing Pepe in terms of percentage growth.

Multiple key indicators, such as the time it took SPONGE V1 to secure its initial listing on centralized exchanges (CEXes), point to the imminent success of SPONGE V2.

Visit Sponge V2’s official website to buy SPONGEV2 here.

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