BONK Turns Bullish: Is A Falling Wedge Breakout Imminent
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Bonk (BONK), a Solana-based memecoin, has seen a substantial uptick in its value and recovered the most this week. With an increase of over 25% in a week, the memecoin was poised to cross the channel’s upper trendline shortly.

This memecoin has risen for a sixth consecutive session and registered a weekly bullish streak. It indicated a renewed buying interest. It made a double bottom formation around $0.00001700 and anticipated a breakout.

Along with the market’s bullish movement overnight, BONK has extended the bullish spell and retested the 50-day EMA mark. The Bitcoin price registered a weekly range breakout and reached the $64k mark, which fueled the uptick of the altcoin price.

The BONK price has made lower low swings for the last three months. It was capped inside a falling wedge pattern. The demand zone was recently revisited, and the correction phase was completed.

Yet, a confirmed breakout was on the horizon, and bulls were molding their eyes to chase it. A daily close above $0.00002500 would confirm the bullish trend, and it might sprint ahead.

BONK Drives the Up Move: What Lies Ahead?

The daily chart observed sustained buying pressure, and the memecoin continued to extend the bullish move. With the significant price uptick, BONK has approached the key hurdle of $0.00002200 and teases a next bullish leg up.

When writing, BONK traded at $0.00002130 with an intraday surge of over 12.30%, conveying a bullish stance.

With a market cap of $883.57 Million, the memecoin was ranked 84. Going forward, the trading volume rose 56%, implying rising investor interest.

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