Markets
BONK Price Targets $0.00004 as Market Cap Surpasses $2 Billion
The cryptocurrency market recovery resumes during US trading hours on Friday, with Bitcoin jumping 4% to hit a high of $66,475. Similar momentum is seen in the altcoin market, with BONK emerging as the biggest gainer with a 16% jump in price since yesterday. The mid-week uncertainty has allowed market buyers to regroup and renew bullish momentum to set the stage for fresh breakouts.
BONK Price Trapped in Rising Wedge, Targets 48% Rally
BONK Price | Tradingview
In the context of the recent market recovery, BONK Price correction managed to form a stable bottom at a support of $0.000018. The bullish reversal sent the asset up 76% to $0.00003183, while the market jumped to $2.19 billion.
Acquired a psychological level in price or market cap has shown a positive impact on market sentiment. The rising price challenging the upper limit of the Bollinger Band indicator accentuates aggressive buyers ready to purchase this asset at a premium.
However, a look at the daily time frame chart shows that the current recovery is still encased in a rising wedge formation. The two trend lines of this chart pattern offer DISGUST Traders have dynamic resistance and support that prevent the asset price from making significant movements.
Today, BONK price is up 16.8% and shows high buying conviction from traders with a 76% jump in trading volume. An increase in the ADX indicator to 16% suggests that buyer momentum is starting to increase.
BONK Price | Tradingview
With sustained purchases, the Solana-based company meme coin Bonk could rally 48% to challenge the pattern’s aerial trend line at $0.000046. This potential retest will be a crucial moment for BONK to impact short-term trends.
If supply pressure at this resistance persists, BONK price could enter another bearish cycle inside the wedge and extend the consolidation.
Conversely, a potential breakout from the resistance trendline will provide buyers with adequate support to extend future rallies. The post-breakout rally could push the asset to $0.000051, followed by $0.000057.
Key conclusion
Most of the major cryptocurrencies have witnessed a renewed recovery sentiment as Bitcoin surpassed $66,000 on Friday. However, the meme cryptocurrency sector has shown more momentum due to its volatile nature. BONK price is taking advantage of the recent shift in market dynamics to continue the wedge pattern formation and aim for a 48% upside.
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Frequent questions
A psychological level refers to a price or market cap level in trading that is significant due to common human behavior and psychology. These levels often end with multiple zeros, such as $0.000050, $1.00, or $100.00.
The Average Directional Index (ADX) is a technical analysis indicator used to quantify the strength of a trend.
Dynamic resistance and support are levels on a price chart that adjust over time based on recent price movements.