Analysts Expect New Highs for BONK! Details Inside

By
Dipayan Mitra
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BONK price analysis

What To Know

  • BONK retests Point of Control with strong demand, signaling bullish momentum ahead.
  • Smart money names BONK the most purchased token in the last 24 hours.
  • BONK nears 1M on-chain holders, boosting liquidity and fueling long-term market optimism.

BONK has quickly become one of the most influential meme coins in the industry, enthralling both retail investors and traders. Leveraging its growing community, social media hype, and increased market activity, speculators have therefore turned their guns to short-term price movements. However, more recently, analysts have spotted price patterns with indicators that signal an imminent bullish momentum for BONK, dashed with hopes for strong price gains. The market sentiment is slowly turning to the positive side, so investors are keenly watching BONK’s future steps, with the hope that the asset will hit new highs within the coming days.

What is Happening in the BONK Ecosystem?

The recent price action of BONK would suggest that the token is structurally bullish despite its short-term corrections. It had, according to recent technicals, cleanly retested the Point of Control, an important level where the highest volume has historically been traded.

This retest came in with heavy volume inflows, further affirming strong defending of this level by demand. Additionally, support on the 0.618 Fibonacci retracement level is confluencing here, hinting that momentum has firmly formed a base to work upwards. All in all, with these factors lining up, the market apparently targets a value area high, which indicates that BONK might soon start going for fresh highs in the near term.

Priced at $0.00002309 at the time of writing, BONK has witnessed a 13% fall over seven days. While this short-term drop could have unsettled some traders, others may view it as an opportunity to accumulate coins at lower levels. Further supporting the bullish narrative is the reported status of BONK coin from Stalkchain computer intelligence as most purchased token by smart money in the last 24 hours. This development points to renewed interest from more advanced traders, who usually have a better understanding of market trends.

Another notable development is a growth in the community adoption of BONK. The token is now approaching 1 million on-chain holders, a tremendous milestone for any crypto asset. The growing base doubly ensures BONK’s fame, stronger liquidity, and continuing market interest. With more participants in the network, an acceleration of the bullish momentum could very well take place since that momentum finds its catalyst in mixed community excitement, accumulation by smart money, and technical structuring of what they believe is a future. 

 

On the contrary, viewed fundamentally, all these indicators claim that BONK stands on the cusp of picking up for another leg higher; the market is scrutinizing deeply into every move it makes to determine if the meme coin will come out with fresh gains in the coming days.

BONK’s upcoming targets

BONK has had a lot going for it, beyond price action and smart money activity, which keep fueling optimism about the token’s future. This particularly includes sustained community interest, consistent social media traction, and increased integration across platforms- these factors are typically what keep a meme token relevant and moving through very volatile markets. Now that all these technical developments converge, analysts are eager to see how far BONK can rally should buying pressure intensify in the short term.

Going into more detail, CryptoMoonPress recently analyzed BONK’s liquidation heatmap in an attempt to pinpoint major upside targets should the current wave of bullish developments actually come to fruition in price raises. Data suggests that BONK is set for an immediate short-term target at $0.000025, where substantial liquidations would be foreseen.

BONK liquidation heatmapBONK liquidation heatmap
Source: Coinglass

This mark is crucial since liquidation points often serve as resistance as traders realign their positions, hence generating temporary hurdles before fresh breakouts can be attempted. In the event BONK manages to break this first barrier, the next targets to consider would be $0.0000266 and $0.0000273, respectively. These levels denote zones where liquidation pressure is probably set to increase, constituting short-term hindrances that would require substantial buying momentum to dismiss.

These levels thereby offer a clear roadmap for the upside trajectory of BONK in the event of sustained bullish momentum. A clean break through these levels may cause analyst predictions to jump toward asserting that BONK is headed to new highs, further cementing its position as one of the most-watched meme coins in the current market.