Will BONK price reach 00001 soon

The news from Coin World:
Before a large number of meme coins appeared on Solana (SOL), Bonk already existed. However, speculation around the token declined before a large-scale recovery in 2023. For some, BONK has already reached a local peak.
For others, the token is just getting started. Regardless of which side you stand on, reading this article will be beneficial to you. Here, the potential of BONK and its price prediction for 2024 are discussed.
What is Bonk?
The developers of Bonk claim that this memecoin is “born for the people, created by the people.” For those unfamiliar, BONK is the first dog-themed token on Solana. When it was launched, the creators airdropped 50% of the total supply to the Solana community on Christmas Day 2022.
However, trading did not begin until December 30 of the same year. The goal of BONK since its launch has been to help restore liquidity to Solana. Interestingly, with the price of SOL and many other tokens in the ecosystem soaring to new highs, it has been able to do just that.
Bonk (BONK) Price Analysis
Since its inception, BONK has been one of the best-performing tokens in the market. However, the token’s value has also experienced declines. But most of the time, it will recover after a downturn. In this section, BONK, its short-term price potential, and the forecast for 2024 will be discussed.
Bonk (BONK) Price Analysis – Bollinger Bands
According to the BONK/USD 4-hour chart, the volatility of the token has increased. This was confirmed after analyzing the Bollinger Bands (BB). With the increase in volatility, as long as the bulls return to the trend, BONK has the potential for further price increases.
At the same time, profit-taking may lead to a sharp decline in the uptrend. From a bullish perspective, the price of BONK may rise to $0.000030. However, bearish market conditions may force the price to fall below $0.000022.
Bonk (BONK) Price Analysis – Relative Strength Index (RSI)
The performance of BONK in the past 24 hours has shown that the token has experienced significant buying pressure. As a result, the RSI reading has surged. But as of the time of writing, the RSI has reached overbought levels, indicating that the price of BONK could drop at any time.
If buying pressure decreases, the token’s value may fall to $0.000019. However, the continuation of buying pressure may cause the price to drop to $0.000032.
Bonk (BONK) Price Analysis – Moving Average Convergence Divergence
Despite the potential for a decline, the Moving Average Convergence Divergence (MACD) reading is positive. Based on this reading, the momentum of BONK may remain bullish, and the price may avoid a pullback.
However, traders need to pay attention to the actions of buyers and sellers, as this may affect the next move in BONK. If buyers continue to outweigh sellers, then the value of BONK may rise. On the other hand, if the 26 EMA (orange) crosses below the 12 EMA (blue), the price may plummet.
Bonk (BONK) 2024 Price Prediction
The daily BONK/USD chart shows that the token is in a bullish structure. This can be seen from the trend of the memecoin relative to the Supertrend indicator.
As of the time of writing, Supertrend has issued a sell signal at $0.000022. However, BONK has surpassed this level, indicating that the price may reach new highs before the end of 2024. Another indicator supporting this prediction is the Money Flow Index (MFI).
At the time of writing, the MFI reading has surged, indicating that a large amount of liquidity is flowing into BONK. If the liquidity remains the same for the rest of the year, BONK may reach $0.000086 by the end of 2024.
Bonk (BONK) Price Prediction – Resistance and Support Levels
At different times, BONK has relied on multiple support levels to break through. Two notable support levels are $0.000013 and $0.000016.
From the 4-hour chart, BONK has been able to rebound to incredible heights after reaching these levels. However, there is a key resistance level at $0.000022, which could make or break BONK. If the price falls below this resistance level, it may touch $0.000018. On the other hand, if the closing price is above this resistance level, BONK may drop to $0.000029.
Conclusion
In conclusion, the market value of Bonk may be higher than its current position. While this may be possible, it does not mean that the value will not decrease. In the short term, BONK may experience adjustments. But in the long run, the token seems destined to set new historical highs.