Can LetsBonk push the price of BONK above $0.000026?

The 24-hour revenue of LetsBonk, the platform that launched the Solana memecoin, surged to $1.04 million on Monday, nearly doubling the revenue of Pump.fun at $533,412, according to data aggregated by the decentralized finance platform DefiLlama.

The price of BONK from Bonk has seen a strong breakout since LetsBonk launched on April 25. Will this upward momentum continue? Let's analyze the chart to find out.

Price Prediction for BONK

BONK increased from the level of 0.000011 USD on June 22 and gained momentum after crossing the moving averages on Friday.

BONK/USDT Daily Chart | Source: TradingViewThe 20-day exponential moving average ($0.000017) has started to trend upwards, while the relative strength index (RSI) is in the positive zone, indicating that the bulls are in control.

If buyers do not concede much to the bears, BONK has the potential to reach the resistance level of 0.000026 USD. This is an important level to watch, as surpassing this threshold will complete the double bottom pattern. After that, BONK could rise to the model's target of 0.000041 USD.

The 20-day EMA will be an important support to watch below. A break below the 20-day EMA could keep this pair in the range of 0.000011 to 0.000026 USD for an extended period.

BONK/USDT 4-hour chart | Source: TradingViewBONK has fallen below the EMA 20 line on the 4-hour chart, indicating profit-taking by short-term investors. The pair could decline to the 50% Fibonacci retracement level of 0.000020 USD, where buyers are expected to step in. If the price recovers from 0.000020 USD, the bulls will try to push the pair above the 0.000024 USD level.

Conversely, if the price drops below 0.000020 USD, this pair may head towards the 50 SMA line. A deeper correction is likely to delay the continuation of the upward trend.

Mr. Giáo