The surge in the price of BONK today resulted in a record high of $0.000015, surpassing its competitor PEPE in the meme token market.
BONK has experienced an astonishing growth of over 8,000%.
Since October 20, BONK has been growing rapidly. On November 20, it reached its previous all-time high of $0.0000057. After a brief pullback, which confirmed the previous high as support, the coin resumed its upward movement and achieved a new all-time high today at $0.0000150.
In just 56 days, the price has increased by an astounding 8,820%.
Source: TradingView
Notably, BONK has already surpassed PEPE in market capitalization, securing its position as the third largest meme coin. To claim the second spot from Shiba Inu (SHIB) in this ranking, the token would need to grow by an additional 800%.
The growth may have been accelerated by the recent announcement from popular cryptocurrency exchange Coinbase, stating that it would support Bonk on its platform starting today.
How long will this growth continue?
The daily RSI momentum indicator indicates a bearish divergence (green) that has been developing on the chart since November, suggesting a potential formation of a top.
Price dynamics remain bullish as BONK has recently surpassed the 2.61 Fibonacci level of the previous correction. However, it has yet to close the daily trading above this level.
If the token manages to close above this level, there is a possibility of a 30% rise, targeting the next resistance at $0.000018.
Source: TradingView
Conversely, if the coin forms a bearish candle and drops below this level, the bearish divergence could lead to a downside move towards the previous all-time high of $0.0000057, which is 60% below the current price.
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