NewsletterBONK Price Targets 30% Surge as Bullish Reversal Pattern Emerges
Highlights
- A bullish double-bottom pattern drives the current recovery trend in the BONK price.
- A potential breakout from $0.000023 resistance will accelerate the bullish momentum for a higher rally.
- A potential death crossover between the 100-and-200-day EMA could renew the selling pressure for prolonged consolidation.
In the last two days, the cryptocurrency market witnessed a renewed recovery momentum as Bitcoin price surged to $65000 for the first time since August. The bullish uplifted most major altcoins, including the Dog-themed meme coin BONK. The BONK price currently teasing an upswing breakout from neckline resistance of $0.000023, signaling the potential of a prolonged rally.
BONK Price Eyes 30% Rally with Double Bottom Pattern in Play
Bonk, the Solana-based meme cryptocurrency, took a bullish turnaround in mid-September amid market speculation in the U.S. Federal Reverse rate. The renewed recovery pushed the asset price from $0.0000157 to $0.000023, registering a 47.4% growth.
The recent surge is driven by the announcement of the Bonk Exchange Traded Product (ETP) launch in the U.S., marking a historic milestone as the first meme cryptocurrency to achieve this. An analysis of the daily chart shows that the rising BONK price develops into a well-known bullish reversal pattern called a double bottom.
The chart pattern, shaped as ‘W,’ is often spotted at the major market bottom, signaling an early sign of trend reversal.
With an intraday gain of 10.87%, the buyers teased a bullish breakout from the $0.000023 neckline. A successful flip of the overhead resistance into potential support would drive a 34% rally to $0.000031, followed by $0.0000338.
Check out the article on top meme coins to buy for a detailed analysis.
BONK Derivatives Market Signals Investor Confidence in Rally
According to Coinglass data, the bond funding rate has spiked to 0.0381%, a level not seen since June 2024. Typically, positive rates suggest buyers are willing to pay a premium to maintain long positions, signaling their expectation of a continued rally.
Furthermore, the open interest in futures has surged from $5.44 million to a recent high of $7.81 million, reflecting a growth of 43.5%. This spike implies increased market participation and investor confidence as more traders are opening positions, potentially anticipating significant price movements or trends.
On the contrary, a bearish crossover between the 100-and-200-day Exponential moving average could stall the $0.000023. A reversal from overhead resistance with renewed selling pressure could drive a prolonged consolidation trend.
Frequently Asked Questions (FAQs)
1. Why is BONK targeting a 30% surge amid the bullish reversal pattern?
2. What role does the double-bottom pattern play in BONK’s price action?
3. How is the derivatives market reflecting confidence in BONK’s rally?
- XRP Price Rallies as Spot ETFs Record Massive $164M in Fresh Inflows
- Franklin Crypto Index ETF Adds XRP, Solana, and Dogecoin to Boost Investor Exposure
- Bitcoin Rises as Trump Points to “Extremely Strong” U.S.–China Relations
- Operation Chokepoint: Senator Lummis Calls Out JPMorgan Over Debanking Bitcoin Advocate Jack Mallers
- CME To Launch Spot-Quoted XRP & Solana Futures Amid Rising Institutional Inflows
- 3 Signals Hint Shiba Inu Price Can Rebound Soon
- Top 3 Price Prediction: ETH, XRP, and DOGE Show Signs of Bullish Reversal
- Pi Coin Price Pattern Points to a Rally as Top Whale Hits 381M Milestone
- XRP Price Forecast as NYSE Clears Franklin Templeton ETF for Listing
- Cardano Price Outlook as NIGHT Token Set to Launch on December 8
- Hedera Price Set for Explosive 30% Rally as Bulls Trigger Breakout
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
