The price of #BONK🔥🔥 recently broke out of a five-month-old falling wedge pattern, which is typically considered a bullish signal. This breakout indicates a possible rise in the value of the cryptocurrency.
The meme coin market has been thriving in recent weeks, and this could be an opportunity for $BONK to move closer to its previous all-time high.
BONK Traders Are Optimistic
The sentiment around BONK has significantly improved, as evidenced by a sharp increase in Open Interest (OI). Over the last 24 hours, OI has jumped 24%, rising from $8 million to $10.19 million. This surge reflects renewed interest from traders returning to the market, potentially preparing for a major rally.
Despite the previous #BEARISH📉 sentiment, the rise in OI shows that traders are once again optimistic about the potential of BONK. Overall, the macro momentum has shifted to a bullish stance, supported by key technical indicators. The MACD (Moving Average Convergence Divergence) indicator has returned to bullish territory after a brief bearish phase.
This shift in momentum is critical for BONK, as it aligns with a broader bullish trend seen across the meme coin market.
BONK Gains Support from Broader Market Trends
The overall growth in the wider cryptocurrency market has also helped BONK regain lost ground. As long as this macro trend continues, BONK has the potential to maintain its upward trajectory. However, traders should be cautious of possible volatility.
#Bonkpriceprediction : Seeking Key Support
Currently, BONK is continuing its breakout from the falling wedge pattern, signaling a potential price rally of up to 92%. The target price is around $0.00004352, just below its all-time high of $0.00004800.
However, before BONK can reach this level, it must first break through the key resistance at $0.00002748 and turn it into support. Achieving this would represent a multi-month high and potentially pave the way for further gains.
If BONK fails to break this resistance, it is likely to consolidate below this level, with the next key support at $0.00002153. A failure to break the resistance could invalidate the bullish outlook and keep the meme coin trading sideways.
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
