BONK made decent gains, but its performance was weaker than some other major memecoins' - Can this change soon?
managed to break out past the descending channel pattern and closed in on its all-time high. A strong BTC move is necessary to set BONK up for its next major leg higher.On the weekly timeframe, the key swing high and low were at $0.0000339 and $0.000015. The low was registered in September and since then, BONK has rebounded higher. In doing so, it climbed past $0.0000232 in late September.
This move flipped the market structure bullishly, and it remained so at press time. The price formed a range between $0.0000198 and $0.0000241, and its mid-range level at $0.000022 emerged as an immediate resistance. This range is only a month old. The weekly and daily timeframes were bullish, but the memecoin might spend more time consolidating. While the altcoin traded within this range, its OBV slowly trended lower – A worrying sign.The funding rate jumped higher in the early hours of 29 September – A sign of increased bullish sentiment. The price of BONK and the Open Interest climbed higher too.It is expected that the $0.000022 and $0.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinionAkashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BONK’s price surges: Signs of a strong rally ahead?Bonk [BONK] continues to impress with an 8.73% rise, reaching $0.00002571 at press time, marking a significant gain in its upward trend.
Read more »
BONK Price Drops Amid Negative Market Sentiment and Declining Trading ActivityBONK, a memecoin, experienced a significant price drop of 17.70% in the last 24 hours, trading at $0.00002082. This decline was accompanied by reduced trading activity and market capitalization. AMBCrypto's analysis indicates that negative market sentiment and declining buying pressure are contributing to BONK's downward trend.
Read more »
BONK price prediction: Is a 25% gain likely after securing THIS support?In the first half of October, BONK has been defending key price support. Can bulls eye the 25% potential gain?
Read more »
BONK price prediction: What the next 30 days could holdOnce BONK breaks through the Volatility Contraction Pattern, the price could quickly escalate, aiming for a new ATH.
Read more »
BONK tops gainers list— Is a breakout and 70% pump next?Leading the gainers list among the top 100 cryptocurrencies by market cap is BONK which is up by 3.8% in the last 24 hours.
Read more »
BONK coin surges 13% in 24 hours: Will positive sentiment persist?Bonk has surged by 13.65% in 24 hours. Fundamentals suggest that the weekly decline was a pullback before another uptrend.
Read more »