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- The BONK price has sustained gains above the key EMAs and seems poised for an upswing.
- Analysts expect a 20% surge in the coming sessions.
Bonk (BONK), the Solana-based meme coin, was preparing for a 20% surge as it rests above the key EMAs. Since the beginning of this month, the Bonk price has hovered in a range and was placed around the lower zone of the range. A bounce was expected from there.
However, the buying momentum dwindled, and price consolidation was noted. Bulls must stretch BONK crypto price beyond $0.0002300 to unlock a 20% rise ahead.
BONK price was trading at $0.00002227 at press time, noting an intraday rise of over 0.20%, representing flat price movements. It boasted a market cap of $1.65 Billion and has a total supply of 92.84 Trillion.
BONK Price Prediction: Is a Range Breakout Looming?
BONK price prediction on a daily chart indicates a range-bound movement and may see a near-term rise in the next sessions. However, the memecoin has escaped a downward trendline barrier and decisively sustained above it.
A daily close above the $0.00002300 mark would trigger a further 20% rise toward the upper end of the range. A range breakout may be possible if the BONK price successfully closes above the $0.00002500 mark.
In his recent tweet, Waleed Ahmad said that the BONK coin chart structure looks interesting here. It has flipped from the 50% Fibonacci support level and could see a nice upswing in the coming sessions.
The RSI is a momentum indicator traders use to evaluate whether a market is overbought or oversold. Currently, the RSI line stays above the midline region and notes a positive divergence.
The BONK Bulls have an advantage here and are trying to form their upper hand to trigger an upswing.
The BONK price appears on the verge of a bounce to retest the resistance mark of $0.00002500, sparking a bullish hope for the following sessions.
However, the trading volume witnessed a decline, which reflects a lack of buying momentum. The upward momentum will continue unless the BONK price breaks the $0.00002100 support zone.
BONK’s Sharpe Ratio Data Gives a Bullish Conviction
Data from Messari revealed that, BONK’s Sharpe Ratio value saw a positive reading, around 3.34 at press time. Buying BONK at current price levels offers a better risk-to-reward ratio.
Notably, BONK’s price has retraced 50% from its all-time-high levels and retested the support zone of $0.00001500, and we may see a reversal soon.
Futures Market Data Outlook
Data from Coinglass revealed that BONK’s long/short ratio was 0.9242, which conveys a bullish stance.
However, equal liquidation data was noted during the intraday session. Around $8k worth of short and long liquidations was noted.
Meanwhile, the Open Interest (OI) has dropped over 8.43% to $7.91 Million, displaying a long unwinding activity over the last 24 hours.
The immediate support zones for BONK were $0.00002200 and $0.00002120, whereas the upside hurdles were $0.00002330 and $0.00002550.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
