Bonk Price Prediction: The Solana-based memecoin Bonk has recently witnessed a significant inflow which led to a bullish from $0.00000934 low. In the last three days, the coin value surged 53.6% to currency traded at the $0.0000142 mark. This rebound appears to be influenced by the announcement of BONK being listed on the OKX cryptocurrency exchange on January 8th. With the market’s increasing optimism towards Spot Bitcoin ETF, will the BONK price surpass $0.00002 in January?

New Found Support Sets BONK Rally to $0.000025

A V-shaped recovery backed by increasing volume indicates aggressive buying activity in the market
A golden crossover between 50-and-200-day EMA should intensify buyers’ internet in BONK
The intraday trading volume in Bonk is $571 Billion, indicating a 21% gain.
Bonk Price Prediction| TradingView Chart

BONK, a Solana-based memecoin experienced a significant downturn in mid-December, retracing from its peak of $0.000035. This downturn resulted in a steep decline in its market value, dropping by 71.64% to a low of $0.00000992. 

Analyzing the 4-hour chart showcased the correction phase developed into a falling channel pattern which confined the price movement within two parallel walking trendlines. Amid the recent upswing, the buyers breached the overhead trendline of the channel pattern, suggesting a potential reversal of the previous downtrend.

With an intraday loss of 0.56%, the BONK price is heading to retest the recent reclaimed level of $0.0000135. If this level holds, the buyers may chase the potential target of chart patterns which are $0.0000175, $0.0000216, and $0.0000267.

Can Bonk Price Plunge Back to $0.00001?

While the current market scenario sets a bullish outlook for BONK, the last correction wiped out approximately 75% of the gains made by investors during the November-December surge in BONK’s price, signaling the sellers are highly active in this asset. If the coin price fails to sustain the retest phase above the $0.0000135, the buyers will have a $0.00001-$0.00000992 demand zone to protect before witnessing a prolonged downfall.

Exponential Moving Average: The BONK price jump above 100-and-200-day EMA hints at a change in short-term trend.
Average Directional Index: A high ADX value of 37% reflects the coin holders may witness more correction ahead to replenish the exhausted bullish momentum.

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The post Bonk Price Prediction As Chart Pattern Hints End of Correction, Is $0.000025 Within Reach?  appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am