BONK Jumps 20% As ‘Dog Season’ Starts, Analyst Says
October 19 2024 - 4:00PM
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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 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. 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. 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 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
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