As a seasoned researcher with years of experience in the cryptocurrency market, I’ve seen my fair share of meme coins skyrocketing and plummeting like digital shooting stars. The latest one grabbing my attention is Bonk (BONK), which has been on an impressive run lately.
In the last 24 hours, the meme coin Bonk built on the Solana platform has emerged as the leading percentage gainer within the group of the 100 largest cryptocurrencies, thanks to a recent spike in its price.
Its latest recovery has been powered by renewed market optimism. However, the bulls now face stiff resistance at key levels, as selling pressure returns following an impressive 8% rise yesterday.
In the past 24 hours, BONK has experienced a 8.1% increase and is currently valued at $0.00002380. At the time of this report, there’s a surge in trading activity with a 33% boost in daily volume, indicating heightened market attention. The total market capitalization stands at approximately $1.77 billion.
Today’s graph exhibits a distinct, rounded bottom structure, hinting at a possible change in trend for this altcoin. The lower points are increasingly higher, which is a sign of potential reversal. If Bonk successfully overcomes its present barrier, the pattern suggests it may experience a breakout.
Regardless of the recent attempts, the 23.6% Fibonacci level at $0.00002379 remains a strong immediate barrier for further price increase. If buyers manage to break through this level decisively, the next notable resistance would be at $0.00002522, which marks the previous local peak.
Nevertheless, a sense of pessimism is growing, as shown by this morning’s 3% drop. Moreover, the Williams %R being -23.84 indicates possible overbought conditions. On the other hand, the RSI at 59.86 implies there could be more growth ahead, though it may not come without temporary dips.
Currently, market analyst Astekz has pointed out possible future milestones for the meme coin, BONK. He suggests that there’s resistance at $0.00002470. If bulls successfully push beyond this level, potential targets could emerge at $0.00004804 and $0.00007140.
$BONK – This setup is now ready, cat season is over it’s time for the dogs.
— Astekz (@astekz) October 16, 2024
If bears take over, two significant support points to keep an eye on are at $0.00002261 and $0.00001909. The latter is particularly important as it plays a key role in preserving the existing bullish outlook.
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2024-10-17 12:10