Cryptocurrency investors are closely monitoring BONK's development, intrigued by its potential. With recent updates on the Dogecoin ETF and the strength of this memecoin, is it time for traders to consider BONK ?
Cryptocurrency investors are wondering whether they should be optimistic about the future of BONK, a rapidly rising memecoin. Recent news about the Dogecoin ETF and the relative strength of the leading memecoin could indeed have a positive impact on other tokens like BONK. Furthermore, BONK is also on the list of ETFs awaiting approval.
An in-depth analysis of market liquidations reveals that a BONK price drop to $0.0000216 could be a possibility in the coming days. Traders will need to remain vigilant for this eventuality.
Indeed, liquidations over two weeks show a bullish reaction of this token to the magnetic zone at $0.0000223. However, this could indicate a possible short-term price decline if Bitcoin shows signs of weakness. Traders may consider buying this dip while carefully monitoring market sentiment, particularly that of Bitcoin.
Examining the BONK/USDT daily chart, we can see that the median band and POC at $0.0000218 hasn’t been touched.
Nevertheless, the 4-hour chart shows an RSI approaching oversold territory, with the price maintaining its position on its POC and the FBB median band. This could allow BONK to bounce at this level.
The next resistance is at $0.0000256, while the key support to the south is at $0.0000223. Losing this level would push this token down to $0.000021 or even lower. In summary, BONK’s direction largely depends on Bitcoin’s price, but especially on maintaining its POC and support at $0.000023.
On the HTF chart, BONK appears ready to target the liquidity zone at $0.00004. This would represent an increase of more than 40%. Indeed, the EMA trendbars have turned green again, highlighting this bullish trend in HTF.
Bars above the EMA are colored green (bullish trend), while those below are red (bearish trend). This allows traders to quickly identify the direction of the trend and filter out market noise, ideal for trend trading or entry/exit signals.
We shouldn’t forget its solid fundamentals either. Besides its imminent ETF, the BONK team has announced a partnership with the Trump family project, WLFI, with its token launch platform Bonk.fun.
For now, the bullish momentum is there. BONK will need to maintain above $0.000022 to target $0.00004-0.00005 in the coming days or weeks.
The memecoin is about to explode by more than 40% if Bitcoin manages to break through $116,000. For those looking to ride the memecoin ETF wave, here’s how to buy BONK on Zoomex :
Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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