As a seasoned researcher who has witnessed countless cryptocurrency market fluctuations over the years, I must admit that analyzing the BONK price movement is always an exciting challenge. The current scenario presents a complex interplay of factors that could potentially shape its future trajectory.
On Tuesday, BONK’s price dropped by 1.65% to reach $0.000029, going against the overall upward trend in the crypto market. However, the strong demand pushed Bitcoin‘s price past $60,000 after the U.S. Producer Price Index (PPI) for the month was revealed as 0.1%, lower than forecasted. This suggests that inflationary pressures may be subsiding more than expected, potentially leading the Federal Reserve to consider interest rate reductions soon. Will this upward trend continue?
BONK Price Poised to Retest Major Support
Since the end of July, the price of Bonk has been exhibiting a sharp downward correction pattern, with a distinct “V-shaped” peak reversal visible in the daily chart. This bearish reversal caused the asset’s value to drop from $0.0000339 to $0.00001785, resulting in a 47.2% decrease as per records.
Nevertheless, the selling pressure on this Solana meme coin has lessened lately due to buyers finding adequate backing at the lower trendline of the channel pattern (represented by blue). Since February 2024, this chart pattern has been guiding a continuous recovery path within two parallel trendlines.
As a crypto investor, I observed that by the end of trading, BONK was valued at $0.000019 per coin, pushing its market capitalization to an impressive $1.372 Billion. Despite the current sideways movement in the broader crypto market, this meme-based cryptocurrency appears poised to maintain its position above the rising trendline, potentially regaining bullish momentum in the process.
During recent consolidations, there’s been a significant rise in the demand for BONK coin as evidenced by a jump in Open Interest. According to Coinglass, Open Interest has risen from about $5.7 million to $6.5 million, which represents an approximately 14% growth.
As a researcher, I’ve noticed an escalation in Open Interest (OI) recently, which might signify rising market assurance and impending bullish energy among traders. This trend implies they are progressively strengthening their positions, implying that this asset could be on the brink of a substantial price shift in the near future.
Approaching a bullish intersection, the MACD (in blue) and signal line (orange) may boost the positive trend’s speed, potentially driving further gains in the market.
Consequently, if there’s a bounce back, the coin’s price might increase by approximately 30%, aiming to surpass a descending trendline located at $0.000024.
As an analyst, I’m observing that the upward trendline appears to be influencing the ongoing correction in the price of BONK. Furthermore, the current trading price is below all my daily Exponential Moving Averages (EMA), specifically the 20, 50, 100, and 200 EMAs, which suggests a potential path of resistance towards a downward trend.
Consequently, the suggested drop outlined could fortify the seller’s control, causing the altcoin to fall by approximately 38%, seeking stability at $0.000012.
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2024-08-14 00:18