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.
BONKz: The Game
Play as the BONKz doggo and fight off waves of enemies.$BONK paid out EVERY WEEK to the highest scorers!
Play below pic.twitter.com/QURzmZbG1Z
— 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.
This effort 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 been a reliable source of support during a month-plus consolidation period, sitting at $0.00000520. This represents a -53% divergence from the current price, providing a solid support base for any potential downturns.
The technical outlook is positive, as evidenced by the 20 and 200DMA, with BONK’s key indicators pointing towards bullish potential. The Relative Strength Index (RSI) is at a balanced 50.19, indicating room for growth in the near future.
This positive sentiment is further bolstered by a shift in the Moving Average Convergence Divergence (MACD), which shows a minor bullish divergence at 0.000000010 following recent upticks in price.
Overall, the analysis of BONK’s price paints an optimistic picture.
The current technicals imply that BONK is set for a short-term upward movement, moving away from any immediate risk of a downturn.
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 aims to achieve unmatched virality in the meme coin domain.
They do this by launching exciting, interactive, and continuous multi-airdrop campaigns to playfully engage users.
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.
Developers have earmarked a significant 50% of the supply for marketing, showcasing their ambitious plans.
They have reserved a significant 35% of the supply for future airdrop rewards, highlighting the promise of attractive prizes.
Efforts to decrease the circulating supply position the SMOG token for a stronger start compared to previous Solana meme coin surges like BONK, which has seen an impressive +862% year-to-date (YTD) gain despite its pullbacks.
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
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