BONK is currently consolidating near the critical support of $0.00001801, suggesting upside potential.
A breakout of the downtrend line could target the $0.0000627 and $0.0001592 resistance levels, leading to solid gains.
The increase in BONK derivatives volumes and open interest indicates increased trader activity and growing market interest.
Cryptocurrency analyst Sheldon The Sniper said that BONK is showing signs of a possible breakout. He believes that the meme token is currently in the accumulation zone and is trading below a key weekly trendline. If BONK breaks above this trendline, a significant up move is likely with potential targets of $0.0000627 and $0.0001592.
Increasing activity in BONK derivatives markets, with both volumes and open interest rising, supports this bullish outlook. However, the long/short ratios across different exchanges reflect mixed trader sentiment.
The daily chart of BONK/USDT shows a bearish trend with a downtrend line since June. BONK is consolidating near a notable support area of $0.00001801 and a breakout of the trendline could lead to a rise of 36.34% to 92.34%.
Current Market Conditions
BONK is valued at $0.000018 with a 24-hour trading volume of $114,534,355. It is up 4.47% in the past 24 hours, bringing its market cap to $1,290,132,673. The circulating supply is 70,640,730,768,154 BONK coins.
This price action indicates continued market interest and activity. Additionally, the BONK derivatives market showed increased activity, with trading volumes increasing by 11.55% to $25.51 million. This growth indicates growing interest among traders.
The open interest in the BONK derivatives market also increased by 3.65% to $6.42 million. This growth indicates a rise in the number of open interests, indicating increased trading activity.
Binance’s long/short ratio is 0.9421, indicating a slight preference for short positions. But OKX’s long/short ratio is 1.73, reflecting a more bullish stance. This difference highlights the different market sentiments between different exchanges.
Liquidation data shows that total liquidations in the past 24 hours totaled $546,300. This includes $298,500 in long liquidations and $247,800 in short liquidations. These figures indicate that market volatility continues as traders weigh potential gains and losses. This activity highlights the need to remain cautious in volatile market conditions.
Experts also analyzed the BONK price prediction for the entire year of 2024. They predict that the maximum transaction value will reach about $0.000026 by December 2024. However, they also point out that the price may drop to a minimum of $0.000026. The average cost in December 2024 is expected to be about $0.000026.
Trading strategy insights
Swing trader AmiCatCrypto expressed a bullish view on BONK, indicating a possible long position. While he typically waits for a breakout, he noticed a clear shift in market momentum.
Therefore, he recommends taking long positions now rather than waiting for a breakout and test. This sense of urgency reflects a belief in the current market dynamics, emphasizing that waiting may lead to missed opportunities.
