The post Analyzing BONK’s Support and Resistance Levels: What’s Next? appeared on BitcoinEthereumNews.com.

BONK is currently consolidating near a key support level at $0.00001801, indicating potential for upward movement. A breakout above the descending trendline could target resistance levels of $0.0000627 and $0.0001592, offering significant gains. Increased trading volume and open interest in BONK derivatives suggest heightened trader activity and growing market interest. BONK is showing signs of a potential breakout, according to crypto analyst Sheldon The Sniper.  He suggests that the meme coin is currently in an accumulation zone, trading below a key weekly trendline. If BONK breaks above this trendline, it could see significant gains, with potential targets of $0.0000627 and $0.0001592. This bullish outlook is supported by increasing activity in the BONK derivatives market, with trading volume and open interest both on the rise. However, long/short ratios across different exchanges paint a mixed picture of trader sentiment. The BONK/USDT daily chart reveals a bearish trend, marked by a descending trendline since June. BONK is consolidating near a notable support zone at $0.00001801 and a breakout above the trendline represents potential gains between 36.34% and 92.34%. Current Market Conditions BONK is valued at $0.000018, with a 24-hour trading volume of $114,534,355. It has increased by 4.47% over the past 24 hours, boasting a market cap of $1,290,132,673. The circulating supply stands at 70,640,730,768,154 BONK coins.  Read also: WIF Price Dips, BONK, PEPE, and SHIB Gain Attention This price movement suggests ongoing interest and activity in the market. And, the BONK derivatives market shows increased activity, as trading volume rose by 11.55% to $25.51 million. This rise indicates a growing interest among traders. Open interest in the BONK derivatives market has also increased by 3.65%, reaching $6.42 million. This rise suggests that more contracts are outstanding, pointing to heightened trading activity. The long/short ratio is 0.9421 on Binance, signaling a slight preference…

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Filed under: News - @ September 25, 2024 6:22 am