Solana-based BONK was recently among the top gainers on Coinmarketcap. The meme coin recorded a monthly gain of 32.93%. It has started declining, losing almost 9% of its value today.
According to the moving averages on Trading View, though, BONK remains a strong buy. The technical indicators show a bullish current sentiment, while the Fear & Greed Index shows 74 (greed). Bonk recorded 18/30 (60%) green days with 11.72% price volatility over the last 30 days.
The MACD is 0.00000160, which indicates that the 12-period EMA is above the 26-period EMA, suggesting upward momentum or a bullish trend.
Analysts like CoinCodex are extremely bullish on BONK. According to their price prediction, it will rise by 222% and reach $0.0001 by August 21 next year.
MEW is another Solana-based meme coin that has been drawing in a significant number of investors. The coin was recently the top gainer on Coinmarketcap, passing 200 other tokens. MEW recorded modest gains today, but it’s up an impressive 84.19% over the past week and 82.63% over the past month. Its year-to-date gains stand at 312%.
Per Trading View indicators, moving averages suggest a strong buy, while oscillators like the RSI Index (14) at 75.27 are a sell. Because the RSI is above 70, the asset might be overbought or overvalued. This might mean that MEW is due for a price correction. While an RSI of 75.27 suggests strong bullish momentum, it also indicates that MEW could face selling pressure.
The stochastic oscillator is at 87.35, indicating that MEW is overbought. The Fear & Greed Index is showing greed. MEW recorded 19/30 (63%) green days with 15.05% price volatility over the past month.
Should you buy MEW and BONK?
Oscillators often reflect short-term market conditions, while moving averages are better for understanding long-term trends. Determine your investment horizon and see which indicator best fits it.
If the MEW moving averages indicate a robust and sustained uptrend, the asset might continue to rise even if it’s currently overbought. As for BONK, all indicators point to a price increase despite today’s pullback.