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HONK Price Prediction: A goose-themed memecoin Honk is becoming a buzz among traders with its massive growth despite an uncertain market sentiment. The three-day consecutive rally recorded 220% growth as the coin price jumped from $0.0049 to $0.0159. Amid this rally, the buyers break above the resistance trendline a reversal pattern hints at the potential for further gains.
High Momentum Rally May Push HONK Price to $0.3
- A honk price breakout from the channel should accelerate the buying force on this asset.
- The rising coin price will face significant resistance at $0.26 and $0.3.
- The intraday trading volume in HONK is $5.7 Million, indicating a 46% gain.
Honk, the Solana-based meme cryptocurrency, is trending in the crypto market as per coinmarketcap on Tuesday. This memecoin is inspired by a bold and mischievous goose from the popular video game “Untitled Goose Game” which quickly soared to fame, turning into a widely recognized internet meme.
The cryptocurrency launched on January 13th saw a surge in interest following its addition to the centralized exchanges Poloniex and LBank, reaching a new peak price of $0.3. An examination of its performance on a 4-hour chart reveals a significant drop from this peak, as the coin’s value plummeted by 93.9% to a low of $0.001997.
Despite this steep decline, the coin began to form a pattern known as a falling channel, signaling a potential turnaround and encouraging a resurgence of buying activity. Presently trading at $0.012, there is anticipation among investors for a bullish escape from the channel’s upper edge.
We take pride in our third CEX listing, with anticipation for numerous others ahead! 🤝 🪿 $HONK https://t.co/TyS88y7gQv
— Honk (@honk_sol) February 6, 2024
A successful closure of a 4-hour candle above the channel’s trendline could propel the coin’s value back to its $0.3 high, marking a possible 150% increase in price. Further fueling optimistic sentiment, the HONK memecoin is set to be listed on another centralized exchange, MEXCKickstarter, with trading for the $HONK/USDT pair planned to commence on February 7, 2024, at 04:00 UTC.
Technical Indicator:
- Exponential Moving Average (EMA): The 20 and 50 EMA slope will act as a suitable pullback for Honk during short-term pullbacks.
- Moving Average Convergence Divergence: A bullish crossover state between the MACD and signal line reflects the recovery trend intact.
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