The post BONK price prediction: Is a 25% gain likely after securing THIS support? appeared on BitcoinEthereumNews.com.

BONK has secured key support in October.  Can bulls use it to enter the market with a 25% gain at stake?  Bonk [BONK] has been defending crucial support in October, raising prospects of a likely upside for the memecoin. After an aggressive recovery in September, netting nearly 65% gains, BONK cooled off in the first half of October.  But the pullback stayed above $0.000022, a key support in Q2/Q3 (marked white). Could bulls tap extra profit from the memecoin in the short-term?  BONK’s 25% potential gains at stake Source: BONK/USDT, TradingView On the daily charts, the immediate bullish target was at $0.000028. With the religious defense of the previous $0.000022 support, BONK could aim at the immediate target. If so, a 25% gain could be netted, offering a great risk-reward of 2.4.  Should the recovery extend to the next target at $0.0000034, 54% gains could be feasible. The chart indicators supported the bullish thesis.  Notably, the stochastic RSI fronted a reversal from the oversold zone while the RSI stayed above the neutral level. It suggested that a bullish reversal was underway, and above-average demand could support the upside move.  But a decline below $0.000022 support would invalidate the bullish thesis. Such a drop could drag BONK to $0.000015.  Smart traders long BONK Source: Coinglass Smart traders on Binance exchange were net long on the memecoin, further underscoring wild expectations of upside price reversal.  Per the Top Trader Long/Short ratio, which gauges smart money on the platform, 68% of all positions were betting on BONK’s upswing. That’s an overwhelmingly bullish sentiment in the futures market.  Besides, the liquidation heatmap marked $0.000022 as a key liquidity area with a massive build-up of leveraged long positions. Read Bonk Price Prediction 2024 -2025  This reinforced the level as a key support zone, as the…

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Filed under: News - @ October 16, 2024 12:17 am