Bonk (BONK) Price Prediction: Is a 20% Rally Imminent?

Bonk (BONK), a Solana-based memecoin, went sideways throughout the week, displaying indecision among traders.

Solana-based memecoin BONK traded sideways throughout the week, reflecting indecision among traders. Yet, an uptrend in a key indicator hinted at a bullish divergence forming.

In another development, Near Protocol’s native token NEAR price displayed bullish cues after forming a golden cross on a lower time frame. Also, a key indicator signaled bullish momentum for NEAR crypto.

BONK Price Analysis: Key Takeaways

Solana memecoin BONK price displayed a sideways movement throughout the week.

An uptrend in the Directional Movement Index (DMI) suggested a bullish divergence forming.

Fib level and accumulation were observed in the recent tweet on X by cryptopunkrock.

Relative Strength Index (RSI) stayed above the midline, forming a positive divergence.

Moving Average Convergence Divergence (DMI) signaled bullishness as MACD stayed above the signal line.

Netflow data showed mixed cues, with traders withdrawing over $4.10 Million BONK from Binance.

Long/short ratio favored long side trades at 0.9444, while Open Interest (OI) dropped over 3.20% to $8.31 Million.

BONK Price Prediction: Key Fib Level In Focus

On October 20, memecoin BONK price traded above the 20-day EMA and 50-day EMA, forming a golden cross, which could lead to a 20% surge in the following days.

Moreover, the 20-day EMA crossed the 50-day EMA on an upward side, signaling a bullish shift in momentum and indicating upward price movement in the following sessions.

When the shorter EMA crosses above the longer one, it signifies that the short term bullish trend is intact.

In a recent tweet on X, cryptopunkrock said that memecoin BONK bounced from the 23.6% Fib level and showed accumulation. A daily close above the descending trendline of $0.00002400 would give another crossover of 50-day and 200-day EMAs.

$BONK tested 0.235 FIB from the complete retracement and bounced. Next test to break desc. trend. #BONK price pulled back so far. Hope to see another rise and daily closing green candle so that EMA50 will clearly cross 200 from below. pic.twitter.com/Wbi8NEk7Ei

Moreover, the Relative Strength Index (RSI) line stayed above the midline region, around 56 at press time, forming a positive divergence, signaling a bullish outlook.

The Moving Average Convergence Divergence (MACD) indicator signaled bullishness as the MACD line stayed above the signal line, conveying a positive stance.

Fib Level, Accumulation Noted in Recent Tweet on X

In the recent tweet on X, cryptopunkrock noted that memecoin BONK price had tested the 23.5% Fib level and bounced from the complete retracement.

The memecoin price pulled back and showed accumulation, as observed on the chart. Cryptopunkrock hoped to see another rise and daily closing green candle.

This would allow EMA50 to cross 200 from below, and they hoped to see a breakout from the descending trendline, which would be bullish for BONK crypto.

Data Shows Mixed Cues

Data from Coinglass showed that the Netflow graph displayed mixed cues. Looking at the direction of NetFlow, it is clear that more traders are withdrawing their BONK from exchanges, indicating a positive stance.

Over the last seven days, traders have withdrawn over $4.10 Million worth of memecoin BONK from Binance and $1.03 Million from Bybit. However, the long/short ratio was at 0.9444, favouring the long side trades.

Meanwhile, the Open Interest (OI) has dropped over 3.20% to $8.31 Million, which signifies a minor long unwinding move over the past 24 hours.