BONK Price Prediction Signals 55% Rally By July End, But There’s a Twist

The BONK price prediction in the daily chart shows a 4-day rally amid the current market recovery. From the $0.000022 low, the Meme coin jumped 28% to trade at $0.000028, while the market cap reached $1.94 Billion. This bullish upswing recently breached the immediate monthly resistance of $0.000027 along with the formation of a bullish reversal pattern. Time to go long?

BONK Price Prediction: Mt. Gox Sale Impact Overstated

Following the recent market correction, the BONK price developed from a local bottom at $0.00018. The horizontal floor coincided closely with the support trendline of the rising wedge pattern creating a strong accumulation for buyers.

A bullish turnaround has uplifted the asset 56% within a fortnight to trade at $0.000028. Amid this upswing, the BONK price gave a decisive breakout from the double-bottom reversal pattern. 

Ki Young Ju, CEO of CryptoQuant, has highlighted the fear, uncertainty, and doubt (FUD) surrounding the potential sale of Mt. Gox’s Bitcoin is largely overblown. In a recent tweet, he pointed out that the growth of Bitcoin’s market cap has significantly outpaced its realized cap growth, indicating strong demand in the market.

https://twitter.com/ki_young_ju/status/1813277728998609338?ref_src=twsrc%5Etfw” rel=”nofollow

Since 2023, a staggering $224 billion worth of Bitcoin has been sold, yet the price has surged by 350%. Ju noted that even if the $3 billion worth of Bitcoin held by Mt. Gox were sold on Kraken, it would represent just 1% of the realized cap increase in the current bull cycle. This minimal impact underscores the manageable liquidity in the market.

Amid prospects of an extended market recovery, BONK price prediction suggests a potential 55% rally before encountering significant resistance within a rising wedge pattern. As long as the converging trend lines hold, this Solana-based memecoin may continue to experience a consolidation phase.

If the overhead trendline persists, the BONK price may enter another fresh correction.

Technical Indicator:

• Exponential Moving Average: The coin price back above the daily Exponential Moving Average (20, 50, 100, and 200) indicates the path to least resistance is up.
• RSI: The daily Relative Strength Index slope back above 60% indicates the memecoin entering a high momentum rally.

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