The BONK price has risen above the important Fibonacci resistance level, but has not yet been able to close the day's trading above it. Let's see if she will be able to achieve this goal.

Today, the BONK price increase has led to the establishment of a new historical maximum at $0.000015, which allowed this meme token to bypass its competitor PEPE.

Over the last period, BONK has demonstrated impressive growth of more than 8,000%. This uptrend began on October 20 and continues to this day. On November 20, the price first reached a historic high of $0.0000057, and then after a slight pullback that confirmed the level of the previous historical maximum as support, BONK accelerated upward again and today reached a new height of $0.0000150.

In the 56 days since reaching the minimum, the price of this coin has increased by as much as 8,820%.

It should be noted that BONK has already surpassed PEPE in terms of market capitalization, becoming the third largest meme coin. To rise to second place in the ranking, overtaking Shiba Inu (SHIB), the token needs to grow by another 800%.

BONK's growth may have accelerated after the popular crypto exchange Coinbase announced the addition of support for Bonk on its platform.

Now the question remains how long this growth will last.

The daily RSI momentum indicator shows a bearish divergence, which has been forming on the chart since November. This may be a sign that the market is preparing for a trend change and a price drop.

Nevertheless, the price dynamics still supports the bullish trend. BONK has just broken the Fibonacci level of 2.61 from the previous decline, but has not yet been able to close daily trading above this level.

If the token is able to close above this level, it could trigger an additional 30% increase and lead to reaching the next resistance level at $0.000018.

However, if BONK forms a bearish candle and goes below this level, then the bearish divergence is likely to strengthen the downward movement, and the price may return to the previous historical maximum of $0.0000057, which is 60% below the current level.