BONK Jumps 20% As ‘Dog Season’ Starts, Analyst Says

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As a seasoned crypto investor with a knack for spotting trends and a portfolio that has weathered numerous market cycles, I must admit, the recent surge of meme coins like BONK has piqued my interest. While I’ve seen my fair share of pump-and-dump schemes, there’s no denying the allure of potential profits in this space.

In the rapidly expanding world of cryptocurrency, there’s an uptick in playful, unconventional coins gaining attention, reshaping the digital currency landscape. Today, we’re focusing on one such meme coin – BONK. If BONK manages to reach $0.000041 by October, it will make history by setting a new benchmark and carving out a tough niche for itself in the market. This event could mark the beginning of what an analyst refers to as “the dog season.

BONK: Recent Price Movements Signal A Shift

Lately, it appears that the price movement of BONK might indicate a change in direction. Following its lowest point at 0.000001567 USD, this coin has been steadily climbing and caught the interest of both individual investors (retail) and larger financial institutions.

worth mentioning, the most recent price hike amounted to 8.59%. Prior to this increase, there hadn’t been significant changes in its price compared to that percentage.

$BONK – This setup is now ready, cat season is over it’s time for the dogs.

— 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.

Key Resistance Levels And Analyst Predictions

BONK has faced significant pushback at the 38.2% Fibonacci retracement point, currently valued at approximately $0.000002265. If it fails to surpass this level, it’s likely that the coin will move towards a holding pattern instead of continuing its upward trajectory.

For BONK to make further progress, it must surmount the 50% Fibonacci retracement point currently situated at $0.0000025. Based on analyst predictions, if this level is breached, the price could potentially rise to a peak of $0.0000035, $0.0000048, or even $0.0000070.

Potential Setbacks And Market Volatility

It seems like BONK’s journey won’t be smooth sailing from here on out. Lately, the coin has experienced a small 1.07% drop in value within a day and indications of price rejection. This could suggest or lead to short-term market turbulence, which might negatively impact BONK’s growth as a meme coin.

As an analyst, I’m anticipating that a retest of the wider descending channel pattern may be imminent. This potential retest could pave the way for another breakout attempt.

As meme coins regain popularity within the cryptocurrency world, there’s a great deal of anticipation surrounding BONK throughout October. The crypto community is eagerly watching to find out if this coin will continue climbing, reaching record highs, or face fresh low points in the upcoming weeks.

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2024-10-20 00:04