The price of the popular altcoin BONK reached a record level of $0.000015 today. Despite having surpassed a significant Fibonacci resistance level, it failed to close above this level on the daily chart.
Since October 20th, the price of BONK has shown a rapid increase. On November 20th, the price surpassed the previous all-time high of $0.0000057. After a brief pullback, this area was confirmed as support, which enabled BONK’s price to rise again. Today, it reached a new peak of $0.0000150. In the 56 days since the lowest level, BONK’s price has shown an increase of 8,820%.
The altcoin price has become the third-largest meme token by market value, leaving PEPE behind. BONK needs to increase by another 800% to overtake Shiba Inu (SHIB) and become the second-largest meme token. This increase may have been accelerated following the announcement that Coinbase only supports the meme token on the Solana network.
Market investors use the RSI as a momentum indicator to determine whether a token is in overbought or oversold conditions and decide whether to accumulate or sell. Readings above 50 and an upward trend indicate that the bulls are still at an advantage, while readings below 50 indicate the opposite. BONK’s daily RSI has been showing a downward trend since November. This could be a sign of an approaching peak.
If the BONK price closes above this level, it could reach the next resistance at $0.000018 with a 30% increase. However, if a candlestick showing a downward trend is formed and the price falls below this level, it could likely lead to a downturn that would bring the price back to the previous all-time high of $0.0000057 before a 60% fall from the current price.