- Bonk trading volume surged by 17.7% as prices soar by 18.77%
- An analyst is eyeing a surge to reach $0.000027
As a seasoned researcher with years of experience in the cryptocurrency market, I have seen my fair share of price movements and trends. The recent surge in Bonk’s trading volume and prices has caught my attention, especially given its position as the fifth largest memecoin by market capitalization.
Over the past week, there’s been significant fluctuation in the value of BONK, currently ranked as the fifth-largest meme coin by market cap.
Currently, the meme coin is being transacted at approximately 0.00002126 dollars per unit according to the latest updates. Over the past day, its value has increased by 3.29%.
Before this price action, however, the memecoin had experienced a significant price decline hitting a low of $0.00001552.
Despite Bonk showing notable improvements, it’s still noticeably lower than its previous peak at $0.00003391. This leaves many prominent analysts pondering if this memecoin might see more growth in the future.
As per the well-recognized crypto analyst Manofbitcoin‘s perspective, it appears that the digital currency Bonk has moved beyond the initial wave of the Elliott Wave cycle.
Market sentiment
According to Manofbitcoin’s assessment, if we consider the third wave, the value of the memecoin could potentially rise to $0.000027.
The third wave is significant since it results in the strongest, and fastest upward price movement.
As a crypto investor, I have analyzed the market trends and believe that Bonk is poised for an upward swing. My prediction suggests we could be approaching Wave 3 or 5 of its bull cycle, with potential significant gains taking us to around $0.0027 – a level last seen in June.
What Bonk price charts suggest
Significantly, an analysis by Manofbicoin indicates that the price of Bonk might moderately increase to reach its June lows again. Yet, it’s crucial to consider what the present market trends might be indicating.
Initially, it’s worth noting that Bonk has seen a significant increase over the last week, climbing up by approximately 18.77%. This upward trend is evident when looking at the weekly graphs.
Similarly, over the recent weeks, the trading volume of the memecoin has significantly grown by 17.71%, reaching a total of $225 million. Meanwhile, Bonk’s market cap experienced an increase of 3.35%, amounting to $1.48 billion. This suggests that the memecoin has experienced a substantial rise in value over the past period.
Glancing ahead, the Aroon line indicates that there have been more peaks than valleys in the recent price trend. This pattern signifies a robust uptrend.
At press time, Aroon up at 92.8% and sits above Aroon Down at 57.14%.
Moreover, as per Coinglass, Bonk’s open interest has been on an upward trend over the last seven days. Specifically, within the last 24 hours, the open interest has escalated from approximately $7.82 million to $8.72 million.
It appears that investors are starting fresh investments, all the while keeping their current holdings. This indicates a favorable outlook towards the market.
As a crypto investor, I’ve noticed that the general market mood aligns with my own findings from analyzing Market Prophit. From the data provided by Market Prophit, it appears that Bonk is currently experiencing a favorable market sentiment across various key indicators.
Realistic or not, here’s BONK’s market cap in BTC’s terms
As an analyst, I observed a positive trend in the sentiment data, with a score of 0.0762, and a Buzz score of 1.31. This indicates that the memecoin has garnered considerable approval from investors, suggesting a strong level of favorability among them.
If the prevailing market trends persist, we can expect that the value of Bonk may increase, potentially reaching higher levels. A breach of its downward trendline (descending channel) could signal a strong push towards challenging the $0.000025 resistance point.
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2024-08-25 15:04