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The Bonk price pumped 45% in the last 24 hours to trade for $0.00001180 as of 12:55 a.m. EST time as trading volume surged 135%.

The meme coin continues to surge, now boasting a 1000% monthly gain as dog-themed token mania continues. Nevertheless, there is a new project in the meme coin sector, Meme Kombat, that is set on dethroning its peers.

Evidence of this is seen in how fast it is amassing an expansive followership despite being in the presale stage, earning itself a position among the top five crypto presales to buy in December.

The surge has seen BONK token break the $700,000 threshold on the market capitalization metric, to record more than $720K as of press time.

It features among the altcoins that are rallying alongside Ethereum, the largest altcoin by market capitalization, even as the Bitcoin price falters. Behavior analytics tool Santiment attributes this to traders being fearful that the crypto market may be in a bull trap at the moment.

Ethereum And Altcoins, Including BONK, Blast Off

For the layperson, a bull trap in the crypto market refers to a false signal indicating that the market is in a  temporary uptrend and is poised to continue upward. Nevertheless, this trend quickly reverses, leading to a decline. In most instances, the price goes to levels lower than before the bull trap started.

With this, Santiment holds that despite the pause in Bitcoin price, Ethereum is leading altcoins north, “blasting off.” Even so, the on-chain analytics tools observe that the fear uncertainty, and doubt (FUD), as it pertains to a bull trap, could in fact be what drives Bitcoin price to the $50,000 psychological level, if the FUD persists.

Meanwhile, capital continues to flow from Bitcoin into altcoins, effectively leading to a surge in altcoin prices.

More closely, other than Bitcoin and Ethereum, the total market capitalization of altcoins could breach past an 18-month-long downtrend, which provoked a decline in market capitalization since May 2022.

BONKBONK
Total altcoins market capitalization, excluding Ethereum

Meanwhile, BONK enjoys a position among the crypto top 80, at position 75, after breaking its previous all-time high.

Bonk Price Outlook

In a market range measured from $0.0000002017 to $0.00001214, Bonk price is scaling another attempt to breach the roof of the market range. Technical indicators show potential for further price increases as the Relative Strength Index (RSI) remains northbound.

This suggests momentum is still rising and adds credence to the bullish thesis.

Similarly, the histogram bars of the Awesome Oscillator (AO) are not only green but also high up in the positive territory to show the bulls are leading the BONK market.

Increased buying pressure above current levels could see Bonk price clear the immediate roadblock at $0.00001214 to create a new range high.

Notably, the price of Bonk has broken out above the upper band of the Bollinger indicator at $0.00000972. When the bands of this technical indicator narrow the distance between each other, it often signals an incoming breakout. However, if, like now, the candles break out above the top band, then the price movement will likely to continue edging higher.

BONKBONK
TradingView: BONK/USDT 1-day chart

Converse Case

On the other hand, considering BONK is already overbought, a pullback could be underway and traders should not be caught off guard. With this, those with open long positions should consider leaving them open until such a time when the RSI teases with breaking below the 70 level.

On the other hand, investors looking to open new long positions should exercise caution.

If profit booking commences, the ensuing selling pressure could see Bonk price pull south, possibly retracing to the most important Fibonacci level of 61.8% at $0.00000758.

In the dire case, the price could drop below the 50% Fibonacci level of $0.00000617. A break and close below this level would invalidate the bullish thesis.  This could set the tone for Bonk price to revisit the 23% Fibonacci level of $0.00000294, levels last seen on November 19. Such a move would constitute a 70% fall below current levels.

Meanwhile, another player in the meme coin space has taken center stage, giving token holders an easy entry into a hot stake-to-earn ecosystem.

Promising Alternative To BONK

MK, the powering token for the Meme Kombat ecosystem, is selling for only $0.235, with presale sales now reaching $2.686 million out of the $3.5 million target.

The price tag will only hold for the next six days, meaning now is the time to buy MK at low rates. Once a token holder, stake your tokens for Annual Percentage Yields (APY) as high as 318% as the dashboard is already live.

Visit Meme Kombat website to buy MK in the presale here.

Also Read:

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