TLDR
BONK price recovered key level of $0.000022
60% jump since September 15, 38% surge in past week
Closed Q3 with 13% increase from opening
Analysts predict potential for further gains
Currently trading at $0.00023, down 2.9% daily
BONK, a popular memecoin, has shown strong price performance in recent weeks, attracting attention from investors and analysts.
The cryptocurrency has experienced significant gains and reclaimed important price levels, leading to speculation about its future trajectory.
In late September, BONK’s price surged above the $0.000022 resistance level, marking a 60% increase since September 15.
This move broke through a multi-month downtrend line, signaling a potential shift in market sentiment. The token’s performance was particularly notable in the past week, with a 38% price increase.
As the third quarter of 2023 came to a close, BONK finished on a positive note. The cryptocurrency saw a 13% increase from its Q3 opening price, ending the period trading around $0.000025.
This upward momentum continued into the start of October, with BONK briefly touching $0.000026 before settling back to support levels.
The recent price action has caught the attention of cryptocurrency traders and analysts. Some market observers view the reclaiming of certain price levels as a bullish signal for BONK’s future.
Crypto analyst Bluntz noted that BONK, along with other strong memecoins, showed a “swift” recovery from a weekly dip. This performance led Bluntz to suggest that BONK is “in prime position for a turbo green week.”
3 days of essentially sideways is so close to breakout, will probs be a sustained move imo$BONK pic.twitter.com/6MsnkVyVBY
— Bluntz (@Bluntz_Capital) September 30, 2024
Technical analysis of BONK’s price chart reveals interesting patterns. One analyst pointed out that the token has been moving within a large symmetrical triangle pattern since reaching its all-time high in March.
The current price action is approaching the resistance line of this pattern, which could be significant if broken.
Some traders are eyeing potential targets for BONK if it continues its upward trajectory. There is speculation that a breakout from the current pattern could lead to a rally towards the $0.000035 resistance level, or potentially even approach the previous all-time high of $0.000045.
It’s worth noting that BONK’s performance may be influenced by broader market trends.
Some investors are drawing parallels to last October, when the cryptocurrency experienced a massive rally that significantly increased its value. However, past performance does not guarantee future results in the volatile cryptocurrency market.
Despite the overall positive sentiment, BONK has faced some short-term price pressure. Following a dip in Bitcoin’s price to $62,000, BONK experienced a decline in the last few hours.
As of the most recent data, BONK is trading at $0.00023, representing a 2.9% drop in the daily timeframe.
The increased interest in BONK is also reflected in its trading volume. The token saw a 13% increase in daily market activity, with a reported trading volume of $795.3 million.
The post BONK Cryptocurrency Recovers Key Price Levels in Late September appeared first on Blockonomi.
