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Cryptocurrency News Articles
Bonk (BONK) Price Prediction 2023-2025: Will BONK/USDT Break Out and Surge Higher?
Sep 30, 2024 at 05:00 pm
The crypto market sentiment is shifting to bullish after Bitcoin's [BTC] recent upward trend, driving overall market momentum.
The crypto market is displaying bullish tendencies following Bitcoin’s [BTC] recent uptick, which has fueled the overall market momentum.
Memecoins have taken center stage over the last 24 hours, hinting at a potential memecoin season.
Bonk [BONK], a memecoin, has outperformed the top 100 cryptocurrencies by market cap, surging by 3.8%.
Dogecoin [DOGE], another memecoin, has also joined the rally, notching a 3.2% gain.
Afterward, Ripple [XRP] also witnessed a 3.2% increase, rounding up the top three performers.
dogwifhat [WIF] and Popcat [POPCAT] also made the list.
Bonk’s remarkable performance not only led it to the top among memecoins but also pushed it past Sei [SEI], a Layer 1 blockchain, in terms of market capitalization.
This achievement highlights Bonk’s long-term growth potential.
BONK consolidating in a symmetrical triangle pattern
A closer inspection of Bonk’s price action reveals strong bullish momentum. As we approach the final quarter of the year, traders are left wondering if the BONK/USDT pair will break out and surge higher.
This period is historically bullish for the crypto market.
Bonk is trading within a large symmetrical triangle on the daily chart, with the price gradually approaching the resistance of this pattern.
The symmetrical triangle formation, which has been developing since the start of the year, indicates that traders and investors have been accumulating large amounts of Bonk. The potential for a breakout appears to be building up.
Earlier, the pair formed a triple bottom at the $0.000016 zone, a pattern that usually signals a reversal.
This triple bottom was confirmed by a break above the neckline, but a breakout above the upper resistance is essential for the bullish scenario to unfold.
Several indicators support the notion that Bonk could break out and rally. For example, the MACD has fully flipped bullish, with the histogram bars indicating increasing buying momentum.
This further strengthens the bias that it could break above the resistance and pump significantly.
In the event of a breakout, traders could see a potential return of more than 70%, from the breakout zone to BONK’s all-time high.
The Futures market indicates growing interest
An examination of Bonk’s Futures Open Interest across all exchanges reveals a growing interest in the token as its price action strengthens.
By analyzing Bonk’s Futures Open Interest, we can gauge the level of interest traders and institutions have in its price movements.
As Bonk’s price action gains strength, we can observe a corresponding increase in its Futures Open Interest.
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.
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