Also read: BONK defies market dip, soars more than 12% after community approves token burn Deconstructing the meme coin rally Bonk (BONK) price witnessed a 105% rally in just five days, and it is not the only meme coin to do the same.
Bonk price has shot up 105% in the past five weeks. A retracement into $0.0000216 or the $0.0000152 to $0.0000186 imbalance would be a good buying opportunity. Patient investors can expect double-digit gains from
, FLOKI and other relatively old coins silently registered massive gains. So, the recent rally in Bonk suggests that the market sentiment has shifted from being risk-averse to risk-on. Read more:Solana meme coin Dogwifhat surges 48%, outperforming bulls fell short of momentum, leaving it between the $0.0000246 and $0.0000216 levels. Going forward, investors can expect the meme coin to consolidate between these barriers, accumulating orders from both sides. A potential dip into the daily imbalance, extending from $0.0000152 to $0.0000186, will be the best buying opportunity for sidelined buyers.
to resume its recovery rally by visiting $0.0000299, which is the mean level of the 75% downtrend witnessed between March 4 and April 13. If the markets are done with the downtrend, there is a high chance Bonk price overcomes the aforementioned key hurdle and retests the 62% and 70.5% retracement levels at $0.0000342 and $0.0000373, respectively. In total, the move from $0.0000216 to $0.0000373 would constitute nearly 73% gain.
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