NAIROBI (CoinChapter.com)—BONK coin is making waves in the crypto market, gaining ground over the weekend. Analysts see even bigger gains ahead, with price targets as high as $0.000062. The memecoin’s breakout potential has caught the attention of retail and institutional investors alike, with trading volumes surging by 70.82% to $387.6 million.
Could BONK’s $0.00002876 Support Be the Key to Its Next Breakout?
BONK’s recent price action has centered around the $0.00002876 support level. Analysts have describe this as a critical accumulation zone. According to VipRoseTr, this support has absorbed selling pressure, paving the way for a bullish reversal. The coin’s trading patterns suggest it could soon break out of its descending channel, which has kept the price in check.
BONK price tests strong support level. Source: X
If BONK breaks above the channel’s upper boundary, it could signal a trend reversal. This would indicate a shift in market sentiment from bearish to bullish. VipRoseTr forecasts a potential rally to $0.000062, nearly doubling its current value. For now, the market is watching key resistance levels at $0.0000330 and $0.000035.
BONK’s Trading Volume Signals Potential Rally to $0.000062
Rising trading volumes underscore increasing interest in BONK. Over $296.18 million worth of tokens exchanged hands in the past 24 hours, representing a 14.44% uptick. This surge in activity reflects strong market participation, suggesting a bullish outlook for the memecoin.
BONK’s market cap has risen to $2.47 billion, a 1.19% increase. Its fully diluted valuation (FDV) stands at $3 billion. With a circulating supply of 76.17 trillion tokens, BONK has a tendency to attract speculative traders. This is thanks to its low token price and high liquidity.
If BONK can break above the immediate resistance at $0.0000330, analysts expect a wave of buying interest to push the coin toward $0.000062. A successful breakout could attract more investors, fueling a rally toward VipRoseTr’s $0.000062 target. However, if support at $0.000031 fails to hold, the coin may face a pullback. Still, strong accumulation at $0.00002876 offers a safety net for the token’s price.
Could Trump’s Inauguration Boost the Token Even Further?
Notably, the broader crypto market could also support BONK’s bullish outlook. In fact, the upcoming inauguration of Donald Trump is expected to usher in a pro-crypto administration, with Paul Atkins likely to replace Gary Gensler as SEC chair. Analysts predict this shift could create a friendlier regulatory environment, sparking renewed interest in cryptocurrencies.
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