BONK Price Update: Support and Resistance Levels to Watch
BONK Price– Solana-based memecoin launchpad LetsBonk reported a significant surge in 24-hour revenue, reaching $1.04 million on Monday. This figure nearly doubled the revenue of its closest rival, Pump.fun, which posted $533,412, according to decentralized finance data from DefiLlama.
Since LetsBonk’s launch on April 25, its native token BONK has gained notable traction. After reaching a low of $0.000011 on June 22, BONK reversed course and gained momentum, especially after surpassing key moving averages last Friday.
Technical indicators suggest a bullish trend: the 20-day exponential moving average (EMA) at $0.000017 has begun to rise, while the relative strength index (RSI) remains in positive territory. These factors point toward a potential advantage for buyers.
Key Resistance and Support Levels to Watch
The next significant resistance for BONK/USDT stands at $0.000026. A successful breakout above this level could complete a double bottom chart pattern, potentially pushing prices toward the $0.000041 target.
On the downside, the 20-day EMA serves as critical support. A drop below this level may confine the token’s price within a range of $0.000011 to $0.000026 for a while. Short-term profit-taking has recently pushed BONK slightly below the 20-day EMA on the 4-hour chart, possibly leading to a dip toward the 50% Fibonacci retracement level at $0.000020. Buyers are expected to enter at this level to prevent further declines.
If the price bounces off $0.000020, the bulls might attempt to push it past $0.000024. Conversely, a fall below $0.000020 could bring BONK down to the 50-day simple moving average (SMA), indicating a deeper correction that may delay any upward momentum.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
