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- 1 The breakout of a falling wedge pattern indicates a potential upward trend.
- 2 Social metrics and volume analysis show BONK’s growing popularity and positive trend.
The BONK Crypto experienced a bullish trend from February 2024, rising from the support level of $0.00001000 to a high of $0.00004751 by the first week of March 2024, closing at $0.00003800.
However, from the second week of March 2024, the BONK price plummeted and ended up in a downward wedge, violating the earlier uptrend.
Despite this, the BONK crypto has shown signs of recovery as the price rebounded from a significant support level of around $0.00001350 on the chart. The breakout of the falling wedge pattern suggests that BONK crypto may continue its upward trend and reach new peaks at its current price level.
The BONK asset appears to be continuing its spectacular rise and displaying bullish strength as it remains above the major 20-day and 50-day EMA bands. The MACD also indicates a strong bullish crossover, with a histogram at 0.00000138, the MACD line at 0.00000053, and the signal line at -0.00000085. Additionally, the RSI is moving higher, which indicates that the BONK crypto asset is not in the overbought zone yet and can maintain its upward direction.
Overall chart analysis shows that the BONK crypto asset exhibits bullish characteristics and may reach higher levels by continuing its ongoing breakout on the daily chart. It also displayed exemplary performance in the previous week, with a 75.42% increase, indicating strong upward momentum and the potential to retest the supply level at $0.00004000.
As of press time, the BONK crypto is trading at $0.00002720, with an intraday gain of 2.35%, a 24-hour trading volume of 652.97 million, and a market capitalization of 1.68 Billion. If the price continues to attract more buying interest, it could achieve higher targets at $0.00003000 and $0.00003500. However, if the price fails to sustain support at $0.00002400, price gains may decline and hit lower support levels.
BONK Crypto Exhibits Growth In Social Activity
Based on various social metrics such as Twitter (X) BONK news, Twitter (X) followers, and social volume (including active users of Telegram and Twitter), there is evidence of a positive trend in the social dominance of BONK. Additionally, there has been an increase in active users and Twitter chatter, which indicates a growing interest in BONK. These metrics suggest that BONK is gaining popularity.
BONK Crypto Price Vs. Volume Analysis
Moreover, the volume analysis shows that the BONK cryptocurrency has received $710.10 Million in volume, which is 41.17% more than the previous day. The price vs. Volume charts describe a surge in BONK volume and the price rise, suggesting continuing the ongoing trend.
Summary
BONK Crypto saw a bullish trend from Feb 2024, reaching $0.00003800 in March. Despite a subsequent drop, it rebounded from $0.00001350 support. The breakout of a falling wedge pattern indicates a potential upward trend. BONK’s strong performance led to a 75.42% increase in the previous week. Currently priced at $0.00002720, it may hit $0.00003000 and $0.00003500 with increased buying interest. Social metrics and volume analysis show BONK’s growing popularity and positive trend.
Technical Levels
Support Levels: $0.00002400
Resistance Levels: $0.00003000
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
