Bonk price surge gathered momentum on Tuesday, with the OG of Solana meme coins soaring to $0.000034, its highest level in over five months. This rally mirrored that of other meme coins like Dogwifhat and Popcat surging by over 10%. This Bonk forecast explores what to expect in the near term, and whether the token will surge to $0.1.
Bonk Price Prediction As It Suddenly Wakes Up
Technicals point to more Bonk price prediction as the crypto bull run gains steam. The coin has already flipped the important resistance point at $0.00002613, its highest point on October 1 into a support level.
It has also formed a golden cross pattern, with the 50-day and 200 Weighted Moving Averages (WMA) forming a bullish crossover. Historically, this pattern often leads to more upside in the long term.
Bonk moved above the third resistance level of the Woodie pivot point and the extreme overshoot point of the Murrey Math Lines.
Most importantly, the coin retested the key resistance level at $0.000034, which coincided with the highest level in June. After hitting that price in June, it pulled back and dropped by 55% to $0.0000155. The Supertrend has also flipped green, which is a popular bullish signal.
Therefore, for more gains to continue, Bonk price needs to cross that level. If that happens, it will jump by 50% and hit the year-to-date high of $0.000044.
On the other hand, if it ends the day below $0.000028, it will signal that the coin has formed a shooting star pattern, a popular bearish reversal sign.
Bonk still has a long way to climb to $0.1. With the coin trading at $0.000034, it needs to climb by 294,018%. While this is possible in the crypto industry, it is unlikely to happen in the near term.
Crypto Analysts Are Bullish On This Solana Meme Coin
Crypto analysts are increasingly bullish that Bonk token will maintain its bullish trend now that Bitcoin price is on a path to $100,000. Historically, meme coins tend to do better than BTC during bull runs.
In an X post, ZerO, a popular crypto analyst noted that Bonk would eventually become a $30 billion asset. For that to happen, the coin needs to rise by 1,400%, with its price rising to $0.00042.
Bonk price also jumped after being listed by Binance US. In a statement, the company said that the BONK/USDT pair would start trading on November 13, giving it access to thousands of clients. Historically, cryptocurrencies often go parabolic when listed by a major crypto exchange.
Bonk’s volume in the DEX industry is also soaring. Data by Solscan shows that the volume jumped to over $60 million in the last two consecutive days.
Similarly, Bonk’s futures open interest have soared to $16.6 million, the highest level since May 30th, signaling that the coin is seeing demand from investors.
Frequently Asked Questions (FAQs)
With BONK price trading at $0.000034, moving to $0.1% requires a 294k% jump, which is unlikely to happen any time soon.
The initial price target for BONK token is $0.000044, the highest level this year. A break above that level will bring the next psychological level of $0.00005 to view.
The most important target to watch will be $0.000026, its highest level on October 2nd this year.
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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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