- Bond trading volume rose 17.7% while prices rose 18.77%
- One analyst expects an increase to $0.000027
BONK, the fifth largest memecoin by market capitalization, has seen significant price movement over the past seven days.
At the time of writing, the memecoin was trading at $0.00002126 on the charts. This meant a price increase of 3.29% in the last 24 hours.
However, before this price action, the memecoin had experienced a significant price drop, reaching a low of $0.00001552.
Although Bonk has made significant gains, it remains relatively below its recent high of $0.00003391. So, the main question among key analysts is whether the memecoin will experience further gains.
According to widely known Crypto analyst ManofbitcoinBonk has broken out of wave 1 of the Elliot cycle wave.
Market sentiment
Source:
In its analysis, Manofbitcoin stated that the memecoin will reach $0.000027 when it reaches the third wave of the wave.
The third wave is important because it results in the strongest and fastest upward price movement.
So, based on analysis, Bonk will reach wave 3/5 and post significant gains up to $0.0027, which was last recorded in June.
What Bonk Price Charts Suggest
Notably, the Manofbicoin analysis showed that Bonk will post moderate gains to regain the June lows. However, it is important to determine what the current price action suggests.
For starters, Bonk has made significant gains over the past seven days, rising 18.77% on the weekly charts.
Similarly, the memecoin’s trading volume increased by 17.71% to $225 million. During the same period, Bonk’s market capitalization rose 3.35% to $1.48 billion. This shows that the memecoin has experienced a strong rebound in recent weeks.
Source: Tradingview
Looking further, the Aroon line suggests that the recent price movement has resulted in more highs than lows. This creates a strong upward movement.
At the time of writing, Aroon is up 92.8% and Aroon is Down 57.14%.
Source: Coinglass
Additionally, according to Coinglass, Bonk’s open interest has increased over the past seven days. Open Interest has increased from $7.82 million to $8.72 million in the last 24 hours.
This showed that investors are opening new positions while maintaining existing positions. This is positive market sentiment.
Source: Markt Profhit
The prevailing market sentiment is further supported by our analysis of Market Profhit. According to market forecast data, Bonk enjoys positive market sentiment in most metrics.
Realistic or not, here is BONK’s market cap in BTC terms
The data showed that audience sentiment is positive at 0.0762 and a Buzz score of 1.31. This meant that the memecoin enjoys significant popularity among investors.
Therefore, if current market conditions persist, Bonk will experience price movements northward. A breakout from the descending channel will strengthen the memecoin and try to reach a resistance level at $0.000025.