$BONK Price Prediction: With the help of key support, can a 25% increase be expected?
Recently, BONK has attracted much attention in the cryptocurrency market. In October, BONK received key support. Looking back at September, BONK experienced a strong recovery, with a net increase of nearly 65%. However, in the first half of October, its gains cooled down, but the pullback remained above the key support level of $0.000022.
From the daily chart analysis, if BONK can maintain above this key support level, it is expected to achieve a 25% return. If the recovery trend is further expanded and reaches the next target, it may gain up to 54%. In terms of technical indicators, the Stochastic Relative Strength Index (RSI) reversed from the oversold zone, while the regular RSI also remained above the neutral level, which is a sign that a bullish reversal is underway. Above-average demand is likely to support BONK's upward trend.
In addition, from the perspective of traders' expectations, smart traders on the Binance exchange are net long on BONK, with 68% of positions betting on BONK's rise. The performance of this futures market shows an overwhelming bullish sentiment.
It is worth noting that the liquidation heat map also marks $0.000022 as a key liquidity area. This further strengthens the importance of this price as a key support area.
However, if the BONK price falls below this key support level, the current bullish argument will be invalid.
In summary, in the current market environment, if BONK can continue to obtain key support, it is possible to achieve a 25% increase. However, the cryptocurrency market is highly uncertain, and investors need to carefully assess risks and make wise decisions.
