BONK up 20% as 'dog season' begins, analyst says
As the communities in the crypto space grow, so does the amount of ridicule that comes with it, as meme coins are starting to shine and seemingly trying to change the digital currency landscape. In the spotlight today is the BONK meme coin. If the meme coin breaks above $0.000041 in October, it will have already made history as it set a new milestone and secured a tough position in the market, and set the stage for what one analyst says is the âstart of dog season.â
BONK: Recent price movements indicate a change
Recently, BONKâs price activity suggests a trend change. After bottoming at $0.000001567, the coin recently started gaining upward momentum and caught the attention of not only the retail market but also the institutional market.
It is worth noting that the last price increase was 8.59%. Until the date of this increase, this percentage has not changed much.
$BONK â This setup is now ready, cat season is over, itâs time for dogs. pic.twitter.com/Hbr9owNcoz
â Astekz (@astekz) October 16, 2024
Over the past week, BONK has gained nearly 20% and traded from $0.000001917 to nearly $0.000002395. Technical indicators suggest that it is forming an ascending wedge and may follow the double bottom pattern formed on June 24 at the $0.000001984 level.
An upward pointing MACD with a bullish crossover further complements its upward momentum.
Key resistance levels and analyst predictions
BONK has found a strong resistance at the 38.2% Fibonacci retracement level at $0.000002265, ignoring the recent rally. If it fails to break above this level, the coin will move towards consolidation rather than upwards.
The next resistance that BONK needs to overcome is the 50% Fibonacci retracement level, which is located at $0.0000025. According to analysts' estimates, at this level, the price will reach a high of $0.0000035, $0.0000048, or $0.0000070.
Potential setbacks and market volatility
However, BONK does not have an easy road ahead. On one hand, the coin recently faced a minor intraday drop of 1.07% in its price accompanied by price rejection signals, which may indicate or lead to possible short-term volatility, which may further hurt the growth of the meme coin.
Therefore, another retest of the broader descending channel pattern could occur, which could precede another breakout attempt.
With meme coins back on the map of the crypto sphere, everything related to BONK in October will be closely watched as the market waits to see if the coin continues to rise, reaching new highs, or hits new lows in the coming weeks.
Featured image from WIKIWIKI, chart from TradingView
Source: NewsBTC.com
Analyst says BONK up 20% as 'dog season' begins
