As the leading Solana meme coin continues to fight on in the top 100 cryptocurrencies, BONK price has flipped back into a bullish technical structure above the 20DMA.
This article will provide an analysis of BONK’s current price trends and look to see whether a newer meme coin, SMOG, represents a more promising investment opportunity at this time.
Indeed, despite more than two months of downside price action, BONK price is showing its first glimmer of hope since January 10 as a sweeping green candle hammers price back above the lifeline 20DMA.
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— BONKz (@BonkzNFT_) February 7, 2024
The recovery move comes as BONK remains in the top 100 cryptocurrencies, as an army of holders push to cement BONK’s status as the top Solana-based coin through rapid GameFi ecosystem growth, an effort which has seen two homebrew community games launched over the past few weeks – ImSoNFT and Bonkz.
BONK Price Analysis: As BONK Token Hammers Back Above 20DMA – Can Price Action Flip 2-Months of Downside?
With price action rebounding into positive territory, BONK is trading at $0.00001136, marking a 24-hour increase of +9.86%.
This uptick in sentiment accompanies a significant recovery, propelling BONK’s price above the 20-day moving average (20DMA), which stands at $0.00001095.
This advancement past the 20DMA represents the first successful move since a January 10 attempt failed at a local high of $0.000018, underscoring the importance of this resurgence against upper resistance.
The 200-day moving average (200DMA) has provided solid support throughout over a month of consolidation, currently positioned at $0.00000520. This marks a -53% divergence below the price, offering a strong foundation of support for price action should there be a downturn.
Encouragingly, alongside the positive technical structure indicated by the 20 and 200DMA, BONK’s key indicators are signaling bullish prospects. The Relative Strength Index (RSI) stands at a neutral 50.19, suggesting there’s ample room for an upward movement in the short term.
This optimistic outlook is further supported by a positive shift in the Moving Average Convergence Divergence (MACD), which now shows minor bullish divergence at 0.000000010, following recent upward price movements.
In summary, BONK price analysis highlights a promising scenario on the price chart. With the recent reclaiming of the 20DMA and the backdrop of improved momentum and reasonable market pricing, BONK token is poised for an upward trajectory in the short term, diverging from any notions of an impending crash.
BONK’s price could rise to an upper resistance of $0.000015, offering a +35.2% gain.
Conversely, there’s a downside risk of BONK falling to $0.00000915, marking a -19.91% drop.
This gives BONK token a short-term risk: reward ratio of 1.77, indicating a moderate entry point with reasonable upside potential.
Despite positive sentiment from BONK price analysis, its near-future gains may be capped due to its large $690M market cap.
For superior returns on the Solana chain, a smaller-cap opportunity like SMOG token, which surged to $37M upon its launch yesterday, might offer the most significant returns.
Introducing SMOG Token: Defiant New Solana Memecoin Sets Out to Trigger Viral Airdrop Campaign in Meme Coin First
$SMOG champions the slogan “No meme coin can survive the fiery flames of SMOG,” offering holders access to the elite ‘The Dragon’s Court’ crypto community.
This community is focused on reaching unmatched virality in the meme coin domain, featuring exciting, interactive, and continuous multi-airdrop campaigns to engage users playfully.
To participate, individuals must purchase and retain $SMOG, which allows them to earn airdrop points. Although the exact rewards and specifics of the airdrop campaigns are yet to be revealed, the sense of anticipation is growing.
Moreover, $SMOG holders can benefit from a community bounty produced by the campaign, further incentivizing the retention of their holdings.
SMOG Token Aims To Unlock Major Virality Through Airdrop Campaign Community – Huge 50% of Token Supply Designated to Marketing
The Smog project’s tokenomics highlight the team’s commitment to achieving viral success for their airdrop campaign. A significant 50% of the supply is earmarked for marketing, indicating the developers’ ambitious plans.
Additionally, a substantial 35% of the supply is set aside for future airdrop rewards, suggesting lucrative prizes are in store.
With strategies aimed at reducing circulating supply, the SMOG token is set for a more robust debut than earlier Solana meme coin surges, such as BONK, which has achieved a remarkable +862% YTD increase despite recent retracements.
Discover The Dragon’s Lair: Exploring Smog Token’s Extensive Roadmap
The project’s future is outlined in a detailed roadmap, showcasing several exciting milestones.
Key highlights include the introduction of a staking feature, suggesting upcoming airdrop initiatives. Additionally, discussions of a potential burn mechanism and plans for multiple future airdrop launches are noteworthy.
Uniquely, the project also lists the milestone target of achieving 10,000+ so-called ‘Loyal Chosen’.
Joining this exclusive and enigmatic group requires selection and a pledge to the SMOG realm via several community initiation rituals. This commitment comes with the promise of enhanced airdrop rewards.
How to Buy SMOG Token and Participate in SMOG Airdrop Campaign?
In order to participate in the SMOG airdrop campaign, traders will need to use a Solana-compatible wallet such as Phantom.
Then using SOL, USDT, or BONK tokens users can swap for Smog via the Jupiter DEX aggregator or Birdeye.
To improve your likelihood of selection for the Loyal Chosen and enhance your airdrop earnings, engage in completing the community task list on Zealy.
Join the Smog community on X (Twitter), Discord, and Telegram to stay tuned with the latest news and updates.
Explore the Lite Paper to find out more.
Buy SMOG Here
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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