BONK Defies DOGE, SHIB, PEPE, Eyes on 45% Rally
BONK, a popular Solana-based meme token, is poised to surge higher as its price action, recent market sentiment, and continued token accumulation support its bullish outlook. As of today, January 7, 2024, BONK is riding on all this bullish momentum, outperforming major meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), and more.
BONK is better than DOGE, SHIB and PEPE
Data shows that while these top meme coins struggle to gain momentum, Bunker The price has increased by more than 5% in the past 24 hours and is currently trading near $0.000035. CoinMarketCap data shows that the rise in BONK’s value has aroused great interest from traders and investors, resulting in a 30% increase in trading volume.
technical analysis
In addition to the recent gains and increase in trading volume, BONK also broke above the long-term trendline and is currently consolidating within a tight range between $0.0000334 and $0.0000368 over the past three days. BONK’s daily chart shows that this trendline breakout follows a prolonged consolidation phase, with price now retesting the breakout level for potential future upside.
BONK price prediction
According to expert technical analysis, if BONK breaks through the current consolidation pattern and closes above the $0.000037 mark, it is likely to soar 45% in the near future to reach the $0.0000545 level.
Bullish on-chain indicators
In cryptocurrencies, a trendline breakout and successful retest is considered an ideal buying opportunity, as the asset typically then experiences significant upward momentum.
Long term holder activity
This explains why long-term holders continue to accumulate tokens, as revealed by on-chain analytics firm Coinglass. Spot inflow and outflow data shows that during its consolidation phase, the exchange witnessed an outflow of $10.5 million worth of BONK meme coins.
Significant outflows during the consolidation phase indicate an ideal buying opportunity and may increase the likelihood of a price increase.
Open interest rises
In addition to long-term holders, traders have also increased their interest and confidence in the meme coin. BONK’s open interest (OI) surged 30.5% in the past 24 hours, indicating traders increased their open positions.
In addition to long-term holders, traders have also shown growing interest and confidence in meme coins. BONK’s open interest (OI) surged 30.5% in the past 24 hours, indicating an increase in traders’ open positions.
