The $SOL -based meme coin $BONK has declined by 2% so far on Thursday, following five consecutive days of an uptrend. Similar to Floki, BONK surged by 30% on Wednesday, inching closer to the year-to-date high of $0.00003989.
The meme coin struggles to surpass the 78.6% Fibonacci level at $0.00004105, retraced from the November 20 peak of $0.00006230 to the April 7 low of $0.00000886. A decisive push above this level could stretch the $BONK rally to $0.00006230.
The 50-day and 200-day EMAs manifest a golden cross, a trend reversal signal indicating further upside.
The MACD and signal line maintain an uptrend in the positive territory, while the overheated RSI at 81 indicates overbought conditions. Investors must remain cautious as overbought conditions foreshadow sharp pullbacks.
A negative close to the day could extend the declining trend to the 61.8% Fibonacci level at $0.00002958.
