BONK Set to Explode? Analysts Predict 170% Rally to New Highs

Key Insights:

• BONK’s recent breakout and growing open interest signal strong bullish momentum ahead.
• Analysts predict BONK’s upward trajectory could lead to new all-time highs soon.
• A breakout from a broadening wedge pattern could push BONK to significantly higher levels.

BONK GUY predicts BONK will “speedrun” to a new ATH, citing historical 90% corrections and bullish trends. Note that BONK, the popular meme token, has seen a significant price increase in recent days.

Starting at $0.000012 on April 22, the price of BONk’s rose to $0.00001596 by April 25, marking a 36% increase over the last two weeks. This sharp upward movement signals a notable bullish trend in the market, with analysts closely monitoring its potential for further growth.

Analysts Bullish as BONK Breaks Out

Several analysts are providing mixed yet insightful perspectives on BONK’s future, highlighting the token’s strong momentum and historical performance patterns.

One such analyst, known as BONK GUY on Twitter, shared a chart from weeks ago that suggested the token had experienced several 90% corrections in the past before making new all-time highs (ATH).

Despite some skepticism from the community, BONK GUY maintained that BONK could soon “speedrun” its ATH. This prediction stems from the belief that deep pullbacks are common for meme coins, and such trends could continue with BONK in the near future.

Meanwhile, Rose Premium Signals, another analyst, pointed out that BONK is breaking out of the upper boundary of a broadening wedge pattern on the daily chart. This breakout follows a period of volatility, indicating strong bullish momentum.

Rose Premium Signals noted that should BONK break above the 100-day moving average (MA), it could target higher price levels, with price targets ranging from $0.00001950 to $0.0000370. The analyst’s outlook suggests that the token’s upward trajectory may continue if it manages to sustain momentum.

Technical Patterns Support Upward Move

The technical chart for BONK over recent weeks shows several key developments. Earlier in the year, the token was on a downward trend, reaching a low of $0.000014 by late January. This level eventually turned into support, signaling a potential reversal.

In March and April, BONK formed a double-bottom pattern, which further reinforced the possibility of a bullish shift. The breakout above the resistance level of $0.000014 in recent days indicates that the market sentiment is increasingly positive, with the price pushing higher.

This breakout is seen as a significant bullish signal, suggesting further potential price gains. The current chart analysis points to a possible next target of $0.00002411, which represents a 52.71% upside from the current price.

This aligns with the idea that BONK may continue to experience upward momentum in the coming weeks, especially if the token holds its current support levels and breaks through additional resistance points.

Rising Open Interest Strengthens Bullish Outlook

Another noteworthy indicator of BONK’s rising popularity is the surge in open interest for its futures contracts. Open interest represents the total value of outstanding contracts, both long and short, and can provide insights into market sentiment.

The current open interest for BONK futures is reported at $158.8 million, a substantial amount that reflects growing market participation. Notably, this figure has increased by 4.89% in the last 24 hours, signaling heightened investor interest and engagement in the token’s futures market.

Rising open interest often signals stronger conviction among traders. In BONK’s case, it suggests more traders are betting on continued price increases.

The surge in futures activity, combined with bullish technical patterns, supports the view that BONK’s rally could extend further. Analysts believe BONK may not only retest previous highs but also set new records if momentum holds.

Disclaimer

In this article, the views and opinions stated by the author or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

godfrey mwirigi