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$BONK price has recently seen a significant breakout from a five-month-old descending wedge pattern. Typically considered bullish, this pattern signals a potential surge in the cryptocurrency’s price.
The meme coin market has been flourishing lately, and this could be $BONK’s opportunity to push towards its previous all-time high.
$BONK Traders Are Bullish
The market sentiment around $BONK has recently shifted positively, as evidenced by a notable increase in Open Interest (OI). OI saw a 24% jump in the last 24 hours, climbing from $8 million to $10.19 million. This increase reflects renewed interest from traders who are returning to the market, potentially preparing for a significant rally.
Despite some previous bearish sentiment in the market, $BONK’s recent rise in OI shows that traders are once again optimistic about the meme coin’s potential.
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The overall macro momentum for $BONK is also leaning bullish, supported by key technical indicators. Indicator Moving Average Convergence Divergence (MACD) has returned to bullish territory after a brief period of bearishness. This shift in momentum is critical for $BONK, as it aligns with the broader bullish trend seen across meme coins in the cryptocurrency market.
Additionally, the broader market’s bullishness has provided a tailwind for $BONK, enabling it to regain lost ground. As long as these macro trends persist, $BONK has a strong chance of continuing its upward trajectory, although traders must remain cautious of potential volatility.
$BONK Price Prediction: Finding Support
$BONK is currently experiencing a breakout from its descending wedge pattern, which signals a potential 92% rally. The meme coin has its sights set on $0.00004352, just shy of its all-time high of $0.00004800.
However, for $BONK to reach this level, it must first break through the crucial resistance at $0.00002748 and turn it into support. Achieving this would mark a multi-month high and potentially pave the way for further gains.
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At the same time, it is important to note that $BONK has struggled to break past $0.00002748 in previous attempts. If it fails again, consolidation under this level is likely, with $0.00002153 serving as the next significant support. This could invalidate the bullish outlook and keep the meme coin in a sideways trading range.