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.
The Open Interest for Bonk Futures were at highest levels since the start of August.In the last 24 hours, memecoins have taken the spotlight, suggesting a potential memecoin season.Bonk’s price action is currently displaying strong bullish momentum, raising the question of whether BONK/USDT will break out and surge higher as we approach the final quarter of the year.The pair is trading within a large symmetrical triangle, with the price moving closer to the resistance of this pattern.
The symmetrical triangle, which has been forming since the start of the year, indicates that traders and investors have accumulated significant amounts of Bonk. The potential for a breakout seems imminent.This triple bottom has been confirmed by a break above the neckline, but a breakout above the upper resistance is crucial for the bullish scenario to play out.
Several indicators support the idea that Bonk could break out and rally. For instance, the MACD has fully flipped bullish, with the histogram bars indicating increased buying momentum.If the breakout occurs, traders could see a potential return of more than 70%, from the breakout zone to BONK’s all-time high.Examining Bonk’s Futures Open Interest across all exchanges reveals increasing interest in the token as its price action gains strength.
Since the beginning of August, Bonk’s Open Interest has reached new highs this week, marking the highest values in the past two months.This growing Open Interest further supports the possibility of a major breakout for Bonk, as more traders and institutions show interest in its price movements.Lennox is a professional financial market analyst who's enthusiastic about blockchain, cryptos, and web3. He started blogging about cryptos back in 2019 and has since never looked back.
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