BONK price attempted a recovery move this week, but as the $0.000017+ surge crumbled into a seismic dump, traders quietly snapped up a rival meme coin.
In this article, we dive into BONK’s latest price action and uncover whether this under-the-radar meme coin could deliver the biggest gains of 2024.
Very clean chart on $BONK pic.twitter.com/hFwjtEs1IY
— O2P (@o2pmeng) September 9, 2024
On the longer time frame (LTF), BONK has been consolidating at a key support level for an extended period, building anticipation for a potential breakout as liquidity and trading volume show signs of improvement.
BONK Price Analysis: Is BONK’s Recovery Bounce Floundering? Are There Better Trades?
As BONK price tumbles from its display of strength, BONK is currently trading at a market price of $0.000016 (representing a 24-hour change of -4.17%).
The downtick follows a sustained display of strength leading up to the weekend, which saw the BONK price push up +17% from bedrock support at the lower trendline.
However, overhead resistance from the 20DMA appears to be stifling upside movements, with an apparent rejection from the moving average explaining the current downtick.
This points to the possibility of further consolidation, particularly as the Bollinger Bands continue to expand. However, the strong support level at $0.000015 is expected to limit further downside risk.
Turning to a key technical indicator, the RSI currently signals oversold conditions, with bullish divergence suggesting that the market may not be done yet. A retest of the 20-day moving average resistance remains a potential scenario.
In summary, BONK seems to be in a holding pattern, much like the broader cryptocurrency market, as it waits for bullish momentum to return to leading coins such as Bitcoin and Solana.
That said, opportunities remain present, as evidenced by the quiet accumulation of this promising new meme coin.
Pepe Unchained Is Analyst’s Pick For The Best Meme Coin Buy of September
As we look ahead to Q4, one of the most promising projects emerging in the summer market is Pepe Unchained.
But this project is so much more than a classic frog meme – this is about redoing the now legendary Pepe – but right.
What’s the problem with Pepe? The answer is simple: in an age of high-octane Solana markets – Ethereum is the old chain – it’s slow, it’s expensive, it’s clunky – it’s not cool.
Development is on schedule. Presale is on fire.
WAGMIpic.twitter.com/YINaCnjdaY
— Pepe Unchained (@pepe_unchained) September 10, 2024
Yet, with PEPE originally launching as an ERC-20 token, this has stifled the development of a true PEPE ecosystem.
Fortunately, PEPU aims to shake up the market with the introduction of a high-speed, low-cost layer-2 solution tailored specifically for meme coin developers, offering an opportunity to build on the foundation of the original token.
In this sense, PEPU can be viewed as PEPE 2.0—a revamped version of the original coin, but with enhanced capabilities.
Don’t miss the chance to get in on the presale.
Buy PEPU Here
The post Bonk’s Rally Has Everyone Talking, But Traders Are Quietly Buying Into a Different Meme Coin appeared first on Cryptonews.
