Highlights
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?
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.
Related Articles
XRP price remains under intense pressure as woes in the crypto market industry continue. Ripple…
The Chainlink price recently rebounded sharply from the $16 demand zone, an area that has…
Plummeting Pi Network price may be preparing a significant short squeeze after forming a rare…
The Solana price is attempting a mild recovery after a recent consolidation phase, with the…
The crypto market remains steady as XRP price consolidates within a well-defined structure on the…
Ethereum price is showing renewed strength after an analyst projected a move toward $8,000. The…