As a seasoned researcher with a knack for deciphering crypto market trends, I find myself captivated by the intriguing trajectory of BONK. Having closely monitored the memecoin landscape for years, I’ve seen my fair share of rollercoaster rides, but the recent developments in BONK have piqued my interest.
The price of BONK dropped approximately 3% during Wednesday’s trading session in the Asian markets, bringing it down to $0.000022. This decline in price caused a decrease in market capitalization of around $1.63 billion. Although this drop aligns with a broader market retreat, crypto analysts are indicating a significant breakout from a long-term pattern, implying that the upcoming rally may not yet be fully prepared for by investors.
BONK Price Prediction Targets 120% Rally; Analysts Warn Investors ‘Not Ready’
In a recent tweet, the crypto analyst known as Unipcs (or ‘Bonk Guy’) expressed a positive forecast for the future value of BONK. This optimism stems from the formation of a large triangle pattern, which has confined the coin’s price since March 2024. This pattern suggests that the coin could be regaining its bullish energy in preparation for another significant increase.
Over the past two weeks, the value of the meme-based dog coin has surged from $0.000019 to $0.000025, marking a 34% growth. Analysts at Unipcs predict this surge could signal an upcoming breakout in a bullish trend, potentially leading to a rally that investors might find unprepared for.
For a detailed analysis, check out the article on Top Meme Coins.
Investor Confidence in BONK Grows as Open Interest Rises 52%
Based on information from Coinglass, the open interest for BONK has significantly grown, rising from approximately $5.44 million in mid-September to around $8.56 million at present. This represents a substantial increase of about 52%.
Increased open interest indicates that more investors are taking an interest in and becoming confident about BONK’s price fluctuations, which could signal increased speculation about a significant price change or an upcoming bullish trend.
The announcement that BONK would be listed for spot trading on the cryptocurrency exchange Upbit undoubtedly sparked excitement among investors, as they eagerly awaited the possibility of future growth.
BONK Holds Above Key Support Amid Pullback, Eyes 120% Rally
The predicted drop in BONK’s price over a three-day period has postponed the anticipated breakout from the triangle formation since the asset is now trading at $0.000022. Another trader, Vegeta, recognizes this decline and indicates a trend of accumulation as visible on the 3-day chart.
For about a month now, BONK’s price has been moving horizontally, consistently staying above $0.000021. Although the extended wicks on some candles indicate there’s an abundance of sellers at higher prices, the fact that it’s holding its position shows that buyers are actively safeguarding the lower levels.
As an analyst, if the current backing continues, I anticipate that the BONK price may surge by approximately 120%, potentially reaching $0.00005. This increase could take us back to testing the apex of the triangle formation – the highest point in this pattern.
On the other hand, the analyst advises that the optimistic view could be disproven if the BONK price forecast drops beneath its crucial support point at $0.000021.
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2024-10-23 17:06