BONK price prediction – How THESE underlying forces could affect memecoin
The post BONK price prediction – How THESE underlying forces could affect memecoin appeared on BitcoinEthereumNews.com.
BONK broke out of its previous price structure, potentially setting up a move towards $0.000009 Memecoin’s perpetual futures to spot volume ratio chart provided further insights into market activity The cryptocurrency market saw significant price volatility recently, with BONK drawing attention from investors due to its price structure break. In fact, such was its movement that the crypto might potentially be setting up for a move towards $0.000009 on the charts. Emergence of a bullish trend BONK‘s MACD indicator flashed a clear signal of momentum shifting in favor of buyers. As can be seen in the attached chart, the MACD line crossed above the sSgnal line, signaling a bullish crossover for the memecoin’s market. Source: CoinGlass Such a shift typically precedes price hikes as buying momentum usually accelerates too. This crossover, combined with the structural break in BONK’s price, might be in line with the prediction that the memecoin could move towards $0.000009. Source: X The memecoin’s growing momentum is a sign that if the trend continues, BONK could see some upside and soon, target a higher level on the charts. How market forces could push BONK higher The total liquidations chart for BONK shed light on market sentiment and potential price impact too. In fact, a significant hike in both long and short liquidations was seen recently, with short liquidations surging after the memecoin’s price structure broke. Source: Coinglass Such an uptick in short liquidations can often result in a short squeeze, where forced closures of bearish positions fuel upward price pressure on the charts. According to AMBCrypto’s analysis, as these short positions close, buying activity will surge and boost BONK’s price. The aforementioned liquidation pattern seemed to reinforce this bullish sentiment, while also supporting expectations of a hike to $0.000009. Speculative activity points to bigger moves Finally, the…
Filed under: News - @ February 15, 2025 5:24 am