Who would have thought that today the pumps would be even bigger than yesterday? Bonk crypto is thriving in the midst of market-wide pumps

Bitcoin is trading at above $94000 at the time of writing. Closing easily above $92000 and continuing to grow provided great relief for alts

The crypto market has seen some unexpected pumps today, with Bonk crypto leading the charge.

As the market continues to rally, we could be seeing the beginning of alt season.

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Bonk 1D Chart Shows Huge Gains

(BONKUSDT)

The BONK 1D chart shows clear price action, allowing us to draw horizontal lines across key levels. Since the bottom at $0.09, BONK has gained +70%. In my opinion, it is too late to open positions now, and I would wait for the market to settle down a bit.

The Cup and handle pattern is one possibility for price action; however, first, it’s clear that the zone between 0.0155 and 0.017 needs to be reclaimed. Afterwards, a 50% move to 0.025 could be expected.

Lower Timeframe Analysis – 4H Breakout

(BONKUSDT)

The 4H chart gives us good insight as well. Price has broken and closed one candle above the lower red line – previous 2 highs. Since it has dropped back to the first key level, the first sign of resistance. I really like that we are above all MAs and MA100 will soon cross above MA200 – sometimes referred to as the golden cross.

It can be expected that the price will consolidate in this range for a while until RSI cools down and goes back to 50-60 points. I’ll keep an eye on that, and the last high is $0.014, which is a potential point of support and entry.

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