BONK price prediction plunged 3% during Wednesday’s Asian market session to reach $0.000022 while the market cap fell by $1.63 billion. While this downtick follows a broader market pullback, crypto analysts hint at a major breakout from the multi-year pattern, suggesting investors are ‘Not Ready’ for the potential rally.
BONK Price Prediction Targets 120% Rally; Analysts Warn Investors ‘Not Ready’
In a recent tweet, crypto analyst Unipcs (aka ‘Bonk Guy’) shares a bullish outlook for BONK price prediction amid a giant triangle pattern formation. Since March 2024, the coin price has resonated strictly within two converging trendlines, likely recuperating its prevailing bullish momentum before the next leap.
The dog-themed memecoin recently rallied from $0.000019 to $0.000025— a 34% increase— within a fortnight. Unipcs suggests this upswing teases a bullish breakout from the pattern’s overhead trendline, setting the stage for a rally that investors “are not ready” for.
For a detailed analysis, check out the article on Top Meme Coins.
Investor Confidence in BONK Grows as Open Interest Rises 52%
According to Coinglass data, BONK’s future open interest has surged from $5.44 million in mid-September to $8.56 million currently, marking a 52% increase.
This significant rise in open interest suggests growing investor interest and confidence in BONK’s price movements, potentially indicating heightened speculation around a major price shift or a bullish rally in the near future.
BONK spot trading listing on the crypto exchange Upbit must have fueled the investors’ anticipation of potential growth.
BONK Holds Above Key Support Amid Pullback, Eyes 120% Rally
A three-day pullback in BONK price prediction has delayed the triangle breakout as the asset currently trades at $0.000022. Another crypto trader, Vegeta, acknowledges this pullback and reveals an accumulation trend in the 3-day chart.
The BONK price has traded sideways for nearly a month, maintaining its sustainability above $0.000021. Despite the long-tail rejection candles signaling overhead supply, the asset’s resilience in holding its ground suggests that buyers are actively defending the lower levels.
If the support holds, the BONK price could drive a 120% rally to $0.00005, retesting the highest peak of the triangle pattern.
However, the analyst also warns that the bullish outlook will be invalidated if the BONK price prediction falls below the key support level of $0.000021.
Frequently Asked Questions (FAQs)
According to analysts, the potential breakout from BONK’s symmetrical triangle pattern could lead to a major price surge that many investors might not anticipate
BONK’s open interest has increased by 52%, indicating growing investor confidence and speculation about a potential major price move or bullish rally.
The bullish prediction for BONK would be invalidated if the price falls below the crucial support level of $0.000021.
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/bonk-price-prediction-120-analysts-investors-not-ready/
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