BONK price prediction: Is a 25% gain likely after securing THIS support?

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  • BONK has secured key support in October. 
  • Can bulls use it to enter the market with a 25% gain at stake? 

As a seasoned researcher with years of experience in the cryptocurrency market, I have seen my fair share of memecoins rise and fall. However, BONK [BONK] seems to be bucking the trend with its recent performance and support at key levels.

Over the past month in October, the digital currency known as Bonk [BONK] has been successfully holding key levels of support. This defensive stance suggests a potential increase in value for this popular meme coin moving forward.

Following a robust rebound in September that yielded approximately 65% returns, BONK experienced a cooling-down phase during the initial part of October.

However, during Q2/Q3, the price held steadily above 0.000022, a crucial support level (indicated in white), suggesting potential for bulls to capitalize on additional profits from this memecoin in the near future.

BONK’s 25% potential gains at stake

Based on the daily chart analysis, the short-term bullish goal for BONK is at approximately $0.000028. Given its strong defense of the previous support level at $0.000022, BONK may now be headed towards reaching this immediate target.

If so, a 25% gain could be netted, offering a great risk-reward of 2.4. 

If the price continues to recover, it might reach the next goal at $0.0000034. This could potentially result in a 54% increase. The chart’s technical indicators seem to back up the optimistic perspective.

Significantly, the Stochastic Relative Strength Index (RSI) indicated a turnaround from the oversold area when it led, hinting at an upcoming bullish trend. With the RSI remaining above the neutral zone, this implied that stronger-than-usual buying pressure could bolster the price increase.

But a decline below $0.000022 support would invalidate the bullish thesis. Such a drop could drag BONK to $0.000015. 

Smart traders long BONK

Intelligent investors on the Binance platform had taken a long position on the meme coin, suggesting that they anticipated a significant increase in its value based on excessive optimism.

According to the Top Trader Long/Short ratio, a measure that tracks the behavior of experienced traders on this platform, a staggering 68% of all active positions are wagering on BONK’s price increase. This indicates a highly optimistic outlook for BONK in the futures market.

In addition, the liquidation map highlighted the price point at $0.000022 as a crucial liquidity zone due to an extensive accumulation of highly leveraged long positions.

Read Bonk Price Prediction 2024 -2025 

This reinforced the level as a key support zone, as the price could retrace to it before rallying. 

Consequently, BONK’s configuration maintained a favorable risk-reward balance, particularly for long investments if the memecoin remained above 0.000022 dollars. However, a fall below the support level could negate the optimistic outlook.

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2024-10-16 02:15