A closely watched crypto strategist warns that a red-hot rival to Dogecoin (DOGE) is now in a bearish trend.
Pseudonymous analyst Altcoin Sherpa tells According to his 202,700 followers on the social media platform
“BONK: There’s some kind of dead cat bounce coming, I think. If this happens, I suspect other SOL memes are having some sort of mini-run as well; those are good times to get out of your suitcases. I do believe that BONK will have another strong run, but it may take some time and will need more time to build up to build a base. I’ll keep an eye on this one for now.’
Looking at his chart, the trader suggests that Bonk will fall below the $0.00000989 level, bounce to around $0.0000170 and then fall back below the $0.00000989 level.
The trader suggests that other meme coins will follow Bonk’s trend. He also suggests that Bonk will likely experience a bullish reversal sometime next year.
“BONK: A little more on this, which I should have highlighted in the previous post: this one will eventually hit a +50% (or more) move. I don’t know where or when this will happen, but usually these types of coins have some sort of lower height. See PEPE earlier this year…
This is probably a good time to leave BONK and some other Solana meme coins. When BONK bounces a dead cat, the others will inevitably follow, but ultimately reach lower highs. Hold at your own risk. Will this have a large circulation in 2024? Probably. But I think it needs time to cool down. Remember, we are playing the attention game, and this is all based on general rotations and which coin is on everyone’s minds (for now).”
Bonk is trading at $0.0000137 at the time of writing, a gain of 7.427% from a previous run-up on October 19 at $0.000000182.
The trader too weighs on Ethereum and predicts that ETH will soon cross the key $3,000 level.
“ETH free trade to $3,000 on its way.”
Ethereum is trading at $2,373 at the time of writing, up slightly in the past 24 hours.
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Generated image: Midjourney