- BONK traders eyeing a potential 53% price surge with symmetrical triangle pattern
- SEC’s regulatory shift a good sign for BONK
As a seasoned researcher with a knack for deciphering market trends and patterns, I find myself intrigued by the current state of BONK. The symmetrical triangle pattern it is forming suggests a potential breakout that could propel its price upwards by an impressive 53%. However, as we all know in this wild world of cryptocurrencies, nothing is ever certain until the market says so.
At this moment, BONK was valued at approximately 0.00002615 US dollars per coin, according to information from Coingecko. The total trading volume in the last 24 hours reached $226,615,807. Unfortunately, BONK experienced a decrease of -3.39% over the past day, and also saw a drop of -8.25% during the last week.
Although BONK has been experiencing a decrease in value lately, it appears to be nearing a possible support area around $0.00002500 – a level that has proven resilient on numerous occasions and successfully withstood previous tests.
Currently, BONK’s price is at a pivotal moment, as it’s close to significant moving averages such as the Exponential Moving Average (EMA) 20 at approximately $0.00002623 and the EMA 50 at around $0.00002636.
Symmetrical triangle pattern and potential breakout
Currently, the cryptocurrency BONK is shaping a symmetrical triangle pattern on the chart, which usually signals a phase of consolidation prior to a potential breakout. If the price manages to surpass the resistance level at $0.00003250, it might trigger a substantial upward trend that could take the price up to the target of around $0.00005000.
In fact, this would represent a potential 53.13% hike from the breakout point.
Currently, the Relative Strength Index (RSI) is showing a reading of 47.73, implying a neutral market position, while the Awesome Oscillator (AO) is pointing towards a slightly bearish trend with a value of almost zero.
Currently, market observers are keeping a close eye on the price fluctuations, focusing on the EMA 50 and EMA 20 markers. Maintaining above these averages is vital in preserving the overall bullish trend. The crucial support level at $0.00002500 and resistance level at $0.00003250 will significantly influence the upcoming direction for BONK.
Regulatory news and market sentiment
The latest move by the SEC to withdraw its labeling of Solana (SOL) and similar cryptocurrencies as securities has sparked optimism across the broader crypto sector. This shift is perceived as a step forward for digital currencies, and it could potentially boost BONK, considering the intricate web of connections within the market.
Indeed, it’s widely anticipated among market analysts that this regulatory change might influence BONK as well, possibly leading to an upward trend since the conditions seem favorable for a surge in activity.
This historical context underscores the volatility and potential of BONK in the crypto market.
Additionally, ABMCrypto’s latest evaluations revealed a substantial stockpile of token assets valued at approximately $0.00002838, which presents a potential advantage as well as a hurdle for the pricing of BONK.
Achieving this stage might trigger more sell-offs, potentially boosting the price. Yet, a large quantity of stocks at this point might also function as a formidable barrier to any further price increase.
Recently, the value of this asset has shown some turbulent price movements, which have been echoed by changes in the number of outstanding contracts (open interest). A rise in open interest during recent price surges suggests an increase in bullish bets and higher levels of trader confidence.
On the other hand, it’s often been noticed that decreases in open interest come before significant price falls, implying instances of profit-taking or liquidation.
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2024-08-01 10:16