BONK price prediction – Should you expect a 12% move higher?

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  • BONK, at press time, had a bullish structure and trend on the higher timeframes
  • The $0.000024 resistance zone seemed to be critical for traders

As a seasoned analyst with over two decades of experience in the crypto market, I have seen many trends come and go. At present, BONK appears to be following a bullish structure on the higher timeframes, but it’s crucial not to get too carried away by the initial surge.

Currently, BONK is seeing an uptrend in its longer-term charts. Yet, the pace of its bullish surge has noticeably decelerated over the last month, with the meme coin trading within a specific price range.

For the last fortnight, Bitcoin (BTC) has successfully breached its falling trendline, edging closer to its record peak. A significant surge in BTC’s price would pave the way for BONK to embark on its upcoming substantial upward phase.

Falling buying pressure could hurt uptrend strength

BONK price prediction – Should you expect a 12% move higher?

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On a weekly basis, the significant peak and trough were at $0.0000339 and $0.000015 respectively. The lowest point was recorded in September, following which BONK has been on an upward trend. This uptrend led it to surpass $0.0000232 in late September.

This action caused the market to become bullish and it’s still holding that pattern now. The price oscillated between approximately 0.0000198 and 0.0000241, with the midpoint of $0.000022 serving as a strong immediate barrier for further increases.

Just a month since its launch, this cryptocurrency has exhibited a bullish trend on a weekly and daily basis. However, given its nature as a memecoin, it might require more time to consolidate. Interestingly, while the price of the altcoin moved within its current range, its On-Balance Volume (OBV) has been steadily decreasing – a potentially concerning development.

The RSI also remained above neutral 50 to signal bullish momentum on the daily timeframe.

Short-term sentiment – Bullish?

BONK price prediction – Should you expect a 12% move higher?
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On the morning of September 29th, I noticed a significant surge in the funding rate – a clear indication of heightened bullish enthusiasm among traders. Simultaneously, the price and open interest for BONK also saw an upward trend.

Is your portfolio green? Check the Bonk Profit Calculator

In the upcoming days, it’s anticipated that the levels at $0.000022 and $0.000024 may pose challenges for the bulls (buyers). If we manage to surpass $0.0000241, however, there could be a potential rise towards $0.0000339, which is the next crucial level of importance on the weekly chart.

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2024-10-30 09:13