As a seasoned crypto investor with several years of experience in the market, I have seen my fair share of market volatility and price swings. However, Friday’s recovery in the crypto market brought a renewed sense of optimism as Bitcoin surged to hit $66475 during U.S. trading hours. The altcoin market followed suit with BONK leading the charge, jumping 16% since the previous day.
On Friday during U.S. trading hours, the crypto market recovers as Bitcoin surges 4% to reach a peak of $66,475. A comparable rally is noticed in the altcoin sector, with BONK leading the way and increasing by 16% since the previous day. The uncertainties of mid-week enabled investors to regroup, paving the way for renewed bullish sentiment that sets the foundation for potential new records.
BONK Price Caught in Rising Wedge, Aims for 48% Rally
In the midst of the current market bounceback, the price of BONK found a solid base of support at $0.000018 during its recent correction. This set the stage for a bullish turnaround that propelled the asset up by 76%, reaching a value of $0.00003183. At the same time, the overall market rebounded strongly to reach a total capitalization of $2.19 Billion.
Reaching a psychologically significant price or market capitalization has been found to positively influence investor sentiment. The escalating cost, which pushes against the upper limit of the Bollinger Band, demonstrates strong buyer confidence and readiness to purchase this asset despite a higher-than-average cost.
An examination of the daily chart reveals that the current price recovery is contained within a rising wedge configuration. The wedge’s upper and lower trendlines function as agile resistance and support levels for BONK traders, restricting significant price fluctuations.
Currently, the BONK’s price has surged by 16.8%, indicating a strong demand among traders. This surge is backed up by a significant rise of 76% in trading volume. Moreover, the ADX indicator, which measures the strength of price trends, has risen to 16%, suggesting an escalating buying momentum.
If investors continue to purchase Bonk, the meme token built on the Solana blockchain, it may surge by approximately 48%. Reaching this level would bring Bonk close to challenging the resistance trendline at $0.000046. This potential retest could significantly influence Bonk’s near-term price movements.
Should the pressure from the supply side continue at the current resistance level, there’s a possibility that the BONK price may dip into another bear phase within the wedge formation, thereby extending the period of consolidation.
In contrast, if the price breaks out above the resistance trendline, it could offer a solid foundation for buyers to fuel further gains. Subsequently, the price might advance towards $0.000051 and then potentially reach $0.000057 in the next upswing.
Key Takeaway
Approximately half of the prominent cryptocurrencies experienced a resurgence in optimistic feelings as Bitcoin exceeded $66,000 on Friday. In contrast, the sector for meme cryptocurrencies exhibited increased volatility and stronger momentum. The price of BONK takes advantage of this market shift to persistently build a wedge formation, targeting a potential 48% increase.
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2024-07-19 22:32