BONK Price Poised for a 75% Rally, Complete Insights

Share This Post

bonk

The post BONK Price Poised for a 75% Rally, Complete Insights appeared first on Coinpedia Fintech News

In the realm of bullish market sentiment, Bonk (BONK), a Solana-based popular meme coin, turned bullish after remaining stable during the period when others were experiencing a notable upside rally. It appears that the sentiment for BONK has changed and it is now poised for a notable upside rally in the coming days.

Why BONK Price is Increasing?

The potential reasons for BONK’s positive outlook include a bullish price action pattern, notable interest from traders and investors, Solana’s (SOL) upside momentum, and the current market sentiment. With all this optimism, BONK is gathering significant attention from investors and traders.

BONK Technical Analysis and Upcoming Levels

According to CoinPedia’s technical analysis, BONK has broken out of a bullish ascending price action pattern on a weekly time frame and is now poised for upward momentum. Based on the recent price action and historical trends, there is a strong possibility that the meme coin could soar 75% to reach the $0.00016 level in the coming days.

Source: Trading View

On higher time frames, the BONK chart appears super bullish. Besides this breakout, the ascending triangle seems to represent price consolidation after a notable rally that began in October 2023 and continued until December 2023. Since then, it turned into consolidation, but with the recent breakout, significant upside momentum appears to be coming soon.

BONK’s Bullish On-Chain Metrics 

On-chain metrics further support BONK’s positive outlook. According to the on-chain analytics firm Coinglass, BONK’s Long/Short ratio currently stands at 1.07, indicating strong bullish sentiment among traders.

Meanwhile, its open interest has skyrocketed by 39% in the past 24 hours and 16% in the past four hours. This rising open interest suggests heightened trader interest in the meme coin following the breakout from the consolidation zone and the ascending triangle price action pattern.

Source: Coinglass

Current Price Momentum and Traders Sentiment 

The combination of these on-chain metrics with technical analysis suggests that bulls are currently dominating the asset and could support its upcoming rally.

Currently, BONK is trading near $0.00004026 and has experienced upward momentum of over 15% in the past 24 hours. During the same period, its trading volume increased by 55%, indicating heightened participation from traders and investors amid the bullish outlook.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Spot Ethereum ETFs End 6-Day Drought With $90 Million Inflow — Will Ether Price Respond?

Investor interest in the spot Ethereum ETFs (exchange-traded funds) appeared to have waned after failing to register a net inflow day for six consecutive days However, the cryptocurrency products

On-Chain Indicator Sets Bitcoin Cycle Top Price At $141K – Details

Bitcoin has experienced a record-breaking bullish breakout, shattering all-time highs almost daily over the past three weeks After an impressive rally, the price is less than 2% away from the

2021 Bull Run Déjà Vu? Altcoin Market Gains Momentum

As bitcoin catches its breath on the sidelines, a wave of digital currencies is charging ahead, making big moves Meanwhile, the infamous Altcoin Season Index is climbing, signaling exciting times for

Bitcoin Correction Looms As Analyst Predicts Fall To $85,600

The price of Bitcoin (BTC)  rose by 799% in the past week to reach a new all-time high of $99,655 on November 22 Thereafter, the maiden cryptocurrency has experienced a slight retracement in the

Ripple CEO Predicts US Crypto Boom, 76% of KOLs Shilled Worthless Meme Coins, and More — Week in Review

Ripple CEO predicts US crypto boom, study shows 76% of KOLs promoted worthless meme coins, Coinbase CEO strongly endorses DOGE, and more in this Week in Review Week in Review Ripple CEO Brad

Bitcoin Taker Buy/Sell Ratio Surges On Major Exchanges — Who Is Buying?

The price of Bitcoin has somewhat cooled off, struggling to reach the highly-coveted $100,000 mark, after an intense bullish run all week long However, investors appear to be undeterred by the