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With a bullish trend pushing BONK to a new all-time high, is the meme coin closer to hitting its dream target of $0.00010?
As a trendy meme coin in the crypto market, BONK has now achieved a market cap of $4.17 billion. It has increased by 71% over the last 7 days and has surpassed the $0.000050 psychological mark.
Moreover, the coin has entered the top 30 cryptocurrencies as its bullish momentum continues. Let’s dive into a quick technical analysis of BONK’s price action.
BONK Technical Analysis
The daily chart reveals a breakout rally, with BONK’s price gaining momentum. The rally began with a Morning Star pattern formed from a key support trendline, driving the market price up by 221%.
Starting the rally at $0.00001717, BONK is currently trading at $0.00005525. It has posted an intraday gain of 5.89% and is on track for its second consecutive bullish candle amid a largely passive market.
The rally has extended over the past 16 days, with only three red candles. The price has even reached a new all-time high of $0.000060. Using Fibonacci levels, the uptrend has already surpassed the 1.272 level and is now targeting the $0.000062 (1.618) level.
The increased bullish sentiment is reflected in the positive alignment of the 50-, 100-, and 200-day exponential moving averages (EMAs). Additionally, the ADX line, which measures trend strength, has crossed the 50% threshold, indicating strong momentum.
Currently, the ADX is at 51.14%, surpassing previous peaks of 42.51%. Notably, the ADX has previously spiked above 90%, signaling significant potential for continued growth in BONK prices.
Smart Whales Move into BONK
As BONK’s bullish trend accelerates, a whale with a track record of profit from the PopCat meme coin is now shifting focus to BONK. The same whale previously netted $4.84 million in profits from PopCat. Over the past two days, this whale has invested $3.4 million USDC to accumulate 65.4 billion BONK tokens.
With the backing of a well-positioned whale, confidence in BONK’s potential for further gains has grown, significantly increasing the chances of a continued uptrend.
BONK Price Targets
Considering the broader market growth, the uptrend at this meme coin is likely to hit the 2.272 Fibonacci level at $0.000080. This also increases the chances of the meme coin reaching the $0.00010 psychological mark.
On the flip side, the meme coin could find support at the psychological mark of $0.000050.