- BONK’s price action hinted that it could potentially surge by 250% to reach the $0.000137 level.
- In the short-term, BONK could soar by 40% to reach the $0.0000545 level in a short period.
As a seasoned researcher with years of experience navigating the cryptocurrency market, I find the current situation of Bonk (BONK) particularly intriguing. The bullish price action patterns and increasing whale interest suggest that we might be on the cusp of a massive upside rally for this memecoin.
The well-known meme coin, Bonk [BONK], built on the Solana [SOL] platform, appears ready to experience a significant price surge. This is due to the formation of a bullish trend on its daily chart.
Currently, it seems that the entire cryptocurrency market is bouncing back following a drop in prices on December 10th, potentially sparking increased curiosity around the meme coin.
Whale’s rising interest in BONK
According to Coinglass, an analytical firm, it seems there’s been a rise in the curiosity and conviction among whales and long-term investors, resulting in a substantial withdrawal of BONK tokens from exchanges.
On December 10th, there was a decrease in price, yet BONK’s Spot Inflow/Outflow data indicates a substantial withdrawal of approximately $45.73 million from exchanges.
Notably, this substantial outflow has been ongoing since the beginning of December 2024.
As a market analyst focusing on the cryptocurrency sector, observing outflows – the movement of assets from digital exchanges into individual wallets – can be an intriguing signal. It’s like spotting a trend that hints at an upcoming bullish rally, and thus, presents enticing investment opportunities.
Technical analysis and key levels
Based on AMBCrypto’s technical assessment, the cryptocurrency BONK has recently tested its breakout point following a weekly upward-sloping triangle pattern in its price movement.
After experiencing a significant drop in price, BONK has since found stability and developed a bullish engulfing candlestick pattern, suggesting a potential price increase.
Given the latest market trends, it’s quite likely that the price of BONK might surge by approximately 40%, potentially reaching the $0.0000545 mark within a brief timeframe.
Should the current optimistic trend and enthusiasm continue, there’s a possibility that the value of this memecoin might increase by approximately 250%, potentially rising to around $0.000137 in the long run, which is seen as a potential future goal.
At the current moment, BONK’s Relative Strength Index (RSI) stands at a level of 46, which is close to the oversold region, indicating that the asset might have experienced a significant price drop and could potentially be due for an upturn.
Read Bonk’s [BONK] Price Prediction 2024–2025
If a financial asset’s Relative Strength Index (RSI) nears the oversold zone, it suggests a high likelihood of a price change, potentially leading to an uptrend within the forthcoming period.
Currently, the cryptocurrency BONK is close to $0.000395 in value following a rise of more than 5.65% over the last day.
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2024-12-13 08:07