With a bullish trend pushing BONK to a new all-time high, is the meme coin closer to hitting its dream target of $0.00010?
As a trendy meme coin in the crypto market, BONK has now achieved a market cap of $4.17 billion. It has increased by 71% over the last 7 days and has surpassed the $0.000050 psychological mark.
Moreover, the coin has entered the top 30 cryptocurrencies as its bullish momentum continues. Let’s dive into a quick technical analysis of BONK’s price action.
BONK Technical Analysis
The daily chart reveals a breakout rally, with BONK’s price gaining momentum. The rally began with a Morning Star pattern formed from a key support trendline, driving the market price up by 221%.
Starting the rally at $0.00001717, BONK is currently trading at $0.00005525. It has posted an intraday gain of 5.89% and is on track for its second consecutive bullish candle amid a largely passive market.
The rally has extended over the past 16 days, with only three red candles. The price has even reached a new all-time high of $0.000060. Using Fibonacci levels, the uptrend has already surpassed the 1.272 level and is now targeting the $0.000062 (1.618) level.
The increased bullish sentiment is reflected in the positive alignment of the 50-, 100-, and 200-day exponential moving averages (EMAs). Additionally, the ADX line, which measures trend strength, has crossed the 50% threshold, indicating strong momentum.
Currently, the ADX is at 51.14%, surpassing previous peaks of 42.51%. Notably, the ADX has previously spiked above 90%, signaling significant potential for continued growth in BONK prices.
Smart Whales Move into BONK
As BONK’s bullish trend accelerates, a whale with a track record of profit from the PopCat meme coin is now shifting focus to BONK. The same whale previously netted $4.84 million in profits from PopCat. Over the past two days, this whale has invested $3.4 million USDC to accumulate 65.4 billion BONK tokens.
With the backing of a well-positioned whale, confidence in BONK’s potential for further gains has grown, significantly increasing the chances of a continued uptrend.
BONK Price Targets
Considering the broader market growth, the uptrend at this meme coin is likely to hit the 2.272 Fibonacci level at $0.000080. This also increases the chances of the meme coin reaching the $0.00010 psychological mark.
On the flip side, the meme coin could find support at the psychological mark of $0.000050.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
Source: https://thecryptobasic.com/2024/11/20/is-0-00010-within-reach-for-bonk-after-221-surge-pushes-it-into-the-top-30/?utm_source=rss&utm_medium=rss&utm_campaign=is-0-00010-within-reach-for-bonk-after-221-surge-pushes-it-into-the-top-30