- BONK encounters significant resistance, which could potentially impede its rally.
Successfully breaking through this barrier could propel BONK to reach its March peak of 0.00003389.
As a seasoned analyst with years of market analysis under my belt, I see potential for BONK to continue its upward trajectory, fueled by the surging buying pressure. However, a significant resistance line at 0.000023471 could potentially halt this rally if not overcome.
Over the past week’s market rotation, the cryptocurrency Bonk (BONK) has significantly climbed up by 23.3%. If this consistent rise persists, it seems probable that the coin will witness additional growth.
Yet, this steep rise might be challenged by an overhead resistance level, potentially limiting any further price escalation.
Potential barrier identified in BONK’s path to a major rally
BONK’s surge is driven by significant buying interest, as it rebounds from a critical support point that has consistently propelled prices upwards in the past.
It’s evident that this support structure has been strengthening on a weekly basis. However, BONK is currently encountering a significant hurdle at the resistance level of 0.000023471. If it fails to surpass this level, there’s a possibility of a reversal back to the support line.
If BONK manages to surpass this barrier and continues to trade above it, there’s a strong possibility that its price will move towards approximately 0.000038816, and potentially climb even further in the upcoming days.
Bulls show rising interest in BONK
Interest in the cryptocurrency BONK is on the rise, as indicated by technical indicators, hinting that a significant shift or surge in the market could happen soon.
According to AMBCrypto’s analysis, the use of the Relative Strength Index (RSI) and Chaikin Money Flow indicates a similar finding.
For the cryptocurrency BONK, the Relative Strength Index (RSI) – a tool that gauges the pace and direction of price fluctuations between 0 and 100 – is currently on an uptrend. This suggests robust buying interest.
In a similar manner, the Chaikin Money Flow, a tool that evaluates the movement of funds in and out, has started pointing upwards. This shift implies an increase in fresh investments flowing into BONK, indicating robust buying activity.
If these indicators persistently increase, it’s likely that BONK will hit the previously stated target price and potentially record its minimum trading price prior to additional growth.
Short-term, BONK is in bullish hands
In the longer perspective, BONK appears poised for a rise. However, the immediate future also seems optimistic as indicated by increased buyer interest and active placement of long trades, according to Open Interest data from Coinglass.
Read Bonk’s [BONK] Price Prediction 2024–2025
In the past day alone, the Open Interest for BONK has significantly increased by more than 70%, amounting to approximately $13.17 million.
Over this period, an accumulated loss of $245,450 was experienced by those who were speculating that prices would decrease.
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2024-09-28 03:35