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BONK coin has grabbed attention with increasing signs of bullish momentum. During the last 24 hours, memecoin saw a 10.09% price increase, reaching $0.00003215.
As trading activity picks up, market analysts including VipRoseTr predict a significant breakout in BONK’s price path, citing technical patterns and strong market sentiment as key drivers.
The recent rise in prices was accompanied by a strong increase in trading volume, with a 70.82% increase to $387.6 million. This sharp increase in volume indicates increased participation by retail and institutional investors, which encourages the possibility of a large upward movement.
Analyst VipRoseTr highlights key market structures
Analyst VipRoseTr believes that there are two important factors driving the current BONK market, a descending channel and a strong accumulation of support levels.
BONK on VipRoseTr is consolidating below its low at $0.00002876, a measure that has so far withstood accumulated downward pressure during uncertain times. The base of the flag can be a key support zone, and many consider it a key point of accumulation and the early stages of a bullish reversal.
This bullish forecast is further confirmed by BONK’s price action which looks like a descending channel pattern. Recent price movements indicate a break above the upper limit of the channel. The token was traded within this descending channel.
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A confirmed breakout would be a bullish reversal and a change in market sentiment from bearish to bullish.
VipRoseTr has set an ambitious target of $0.000062 for BONK coin, representing an increase of almost 100% from current price levels.
The basis of this target is the breakout point and the addition of the height of the descending channel, which are often used in technical analysis. This level would be a big step for BONK and would attract more market participants.
BONK’s daily performance and market metrics
BONK’s current market performance also represents strong upside momentum with analyst insights. The token was moderately volatile intraday and traded within a daily range of $0.0000292 to $0.0000330. The market capitalization rose to $2.44 billion, a growth of 10.46%.
The token’s circulating supply is 76.17 trillion with a total supply of 92.7 trillion, making BONK a meme coin with a large supply in the market. However, the token’s low price and high trading volume help make the token profitable and attractive to speculative traders.
However, it received strong support as prices rose to $0.000031 and $0.000292 respectively, helping to support recent price gains.
The next major resistance zone can be found at $0.000035, while immediate resistance lies at $0.0000330, the daily high. If BONK manages to break above these levels, it could trigger VipRoseTr’s $0.000062 target.
What next for BONK Coin?
Analysts are also bullish on the price outlook for BONK coin, citing sustained volume and sentiment as key drivers of price growth. A break above $0.0000330 would confirm the bullish thesis. This would attract further buying interest and the token could jump to $0.000062.
However, if the support at $0.000031 does not hold, we could see a pullback. But, the strong accumulation at $0.00002876 is a trade-off.
