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As communities of the crypto space increase so does the amount of ludicrosity that comes with it, as meme coins are now starting to shine and seemingly trying to change the digital currency landscape. On the spotlight today is the meme coin BONK. If the meme coin breaks $0.000041 in October, it will have already made history because it set a new milestone and secured a tough spot for itself in the market — and setting the stage for what an analyst says is the “start of the dog season.” Related Reading ETF Hopes Propel Litecoin 12% Higher, Bullish Predictions On The Cards 1 day ago BONK: Recent Price Movements Signal A Shift
Recently, the price activity of BONK suggests a trend reversal. After hitting bottom at $0.000001567, the coin recently started gaining traction upward and grabbed the attention not only of the retail but also of the institutional market.
Of interesting note here, the last increase in price was 8.59%. Until the date of this rise, it hasn’t changed much from this percentage. $BONK – This setup is now ready, cat season is over it’s time for the dogs. pic.twitter.com/Hbr9owNcoz
— Astekz (@astekz) October 16, 2024
Over the past week, BONK has surged almost 20% and traded from $0.000001917 to nearly $0.000002395. Technical Indicators suggest it forms a rising wedge and may follow through with the double bottom pattern formed on June 24 at the level of $0.000001984.
An upward-pointing MACD with a bullish crossover further complements its upward momentum. BONK market cap currently at $1.7 billion. Chart: TradingView Key Resistance Levels And Analyst Predictions
BONK has met strong resistance at the 38.2% Fibonacci retracement, which stands at $0.000002265, ignoring the recent rally. If it cannot break through this level, the coin will proceed into a consolidation rather than upwards. BONK price up in the last seven days. Source: CoinMarketCap
The next resistance that BONK needs to break through is the 50% Fibonacci retracement standing at $0.0000025. According to estimations from the analysts, at this level, the price will advance to a high of either $0.0000035, $0.0000048, or $0.0000070. Related Reading 100% Uptick For Shiba Inu? Experts Eye Global Reversal As Catalyst 23 hours ago Potential Setbacks And Market Volatility
However, BONK does not have an easy ride ahead. On one hand, the coin recently faced a minor 1.07% intraday drop in price accompanied by signs of price rejection, this may speak to or lead to possible short-term volatility, which can further detriment the growth of the meme coin.
Another retest of the broader falling channel pattern might thus lie ahead, which could precede yet another breakout attempt.
With meme coins back on the map in the crypto sphere, everything about BONK in October will be followed closely as the market waits to see if the coin continues upward, hitting new heights, or runs into new low points in the weeks to come.
Featured image from WIKIWIKI, chart from TradingView