As a seasoned researcher who’s weathered countless market cycles and seen more than a few cryptocurrencies come and go, I must admit that the recent performance of Bonk (BONK) has piqued my interest. Having closely observed this memecoin since its inception, I can attest to its resilience and ability to bounce back from adversity.
Bonk maintains its upward trend as ‘Uptober’ arrives, inspiring optimism among investors following concerns about a significant reversal. The popularity of meme coins has started off the fourth quarter on a promising note, regaining important positions, and both investors and crypto experts are predicting a bullish weekly closing.
BONK Closes Q3 With 13% Surge
Over the last fortnight, Bonk has shown exceptional growth, increasing by approximately 60% since September 15. This memecoin managed to break through a prolonged downtrend line following its successful re-establishment of the $0.000022 resistance level on Friday, resulting in a 38% price hike within the past seven days.
Moreover, the dog-themed investment experienced a 48% surge in closing price compared to its initial value for the month, returning to prices last seen before August’s Black Monday. Furthermore, it registered a 13% growth from its Q3 starting point, with trading values hovering approximately around $0.000025 at the start of October.
For a moment, the positive market trend pushed BONK’s value beyond $0.000026, but it then retreated to the $0.000024 support point. Some investors viewed this as a very optimistic sign for potential price increases in the future of this token.
As a crypto investor, I’ve been closely watching BONK and I find Astekz’s analysis particularly insightful. He mentioned that BONK’s monthly reclaim implies any consolidation above the breakout level is “massively bullish.” Additionally, in the past day alone, there’s been a 13% surge in daily market activity for this token, resulting in a substantial daily trading volume of $795.3 million. This trend certainly piques my interest!
Is A ‘Turbo Green Week’ In The Making?
Crypto expert Bluntz observed that while many popular meme tokens were strong, BONK quickly bounced back from its weekly slump, following a “well-timed ABC pullback.” This impressive recovery has placed the memecoin in an excellent spot for a potential surge in value, which Bluntz anticipates will happen based on its Monday performance and his forecast of a “high-speed green week” ahead.
To Bluntz, it seems like BONK could be on the verge of a surge following three consecutive days of consolidation. Moreover, the digital asset has managed to regain its 200-day moving average, which had hovered slightly above it for the past 24 hours.
The trader thinks that the token’s upcoming surge might last (“persist”) and reach the resistance level of $0.000035. Other market analysts share this viewpoint, pointing out BONK’s resilience during the recent price drops.
A different expert observed that the memecoin has been confined within a significant symmetrical triangle since it reached its peak in March. This analyst further explained that due to the formation of a triple bottom at $0.000016, the coin’s price is getting nearer to the pattern’s resistance level.
A sudden shift in the long-term trend might propel the token’s value by approximately 70% to reach a potential new high near its previous all-time high of $0.000045. Furthermore, some financial experts anticipate that the cryptocurrency could benefit from the overall market’s positive momentum during “Uptober.
In October last year, the value of the cryptocurrency took off on a huge spree, reducing two zeros from its price, closing Q3 2023 at $0.0014. This represented an incredible increase of 6,900%. However, due to a recent dip in Bitcoin‘s price down to $62,000, the value of BONK has also decreased over the past few hours.
As of this writing, the memecoin is trading at $0.00023, a 2.9% drop in the daily timeframe.
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2024-10-02 10:16