đđ Get ready for an explosion: BONK set to jump 55% by the end of July! đđ
BONKâs price prediction suggests a 55% surge amid the current market rally. With key resistance expected in a rising wedge pattern, experts predict a bright future despite market uncertainties. Ki Young Ju, CEO of CryptoQuant, dismisses concerns over Mt. Gox's Bitcoin sale, pointing to robust demand for Bitcoin and manageable liquidity.
đ Current Market Rally
BONK's daily chart shows an impressive 4-day rally amid the general market rally. Starting from a low of $0.000022, the meme coin rose 28% to $0.000028, bringing its market capitalization to $1.94 billion. This uptrend recently broke the immediate monthly resistance at $0.000027, forming a bullish reversal pattern.
đ Technical indicators and market sentiment
Exponential Moving Averages (EMA): BONK price above the daily EMAs (20, 50, 100, and 200) suggests an upward path with minimal resistance.
Relative Strength Index (RSI): Daily RSI above 60% indicates a high momentum rally for BONK.
đ„ Potential Impact of Mt. Gox Bitcoin Sale
Ki Young Ju addressed fears surrounding the potential sale of Mt. Gox's Bitcoin holdings. Ju highlighted Bitcoin's substantial market capitalization growth, surpassing realized capitalization growth, signaling strong demand. Since 2023, $224 billion worth of Bitcoin has been sold, but the price has jumped 350%. Even if Mt. Gox's $3 billion worth of Bitcoin were sold, this would only represent 1% of the realized capitalization increase, indicating manageable liquidity.
đź Price movements and future projections
After a recent market correction, BONK price rose from a local low of $0.00018, closely aligning with the support trendline of an ascending wedge pattern. This accumulation phase led to a 56% increase in two weeks, reaching $0.000028. Price also managed a decisive breakout of a double bottom reversal pattern.
đ Perspectives and resistance
The forecast suggests that BONK could see a 55% rally before encountering significant resistance in the ascending wedge pattern. If trend lines hold, BONK, a meme coin based on Solana, could continue in a consolidation phase. However, if the upper trendline remains firm, BONK price could face a further correction.
As the market rally continues, traders and investors are closely monitoring these technical indicators and market movements to navigate potential gains and risks in the BONK market.
#Binance #Altcoins #memecoinâ â â â #BONK
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