BONK Price Prediction: BONK rose by 16% in a week, but was left behind by the new Solana meme coin competitor Smog with a rise of 68%

Bonk price has surged by more than 16% in the past seven days and is currently trading at $0.00001361 as investors have re-entered the memecoin’s charts.
Bonk price overcomes resistance

BONK/USDT 4-hour chart (Source: TradingView)
A rising wedge has formed on the 4-hour chart of memecoin, which could mean a drop in Bonk price over the next 24 hours. If this pattern gets validated, the cryptocurrency could soon retest the $0.0000128480 support level. A break below this important price point would increase the risk of BONK falling to the subsequent support at $0.0000088550. In an extremely bearish scenario, the Bonk price could drop to $0.0000051340 in the short and medium term.
This bearish thesis may be invalidated if the Bonk price closes the rising wedge in the 4-hour candlestick chart in the next 24 hours. In this alternative scenario, this altcoin may try to challenge the $0.0000192765 resistance level. Overcoming this hurdle may provide a basis for BONK to continue its upward movement and the Bonk price may rise to the $0.0000290295 threshold in the coming days.