The Bonk price has claimed the top position among the daily top gainers list with its double-digit price jump. This has resulted in this meme coin gaining market attention. Investors are actively monitoring the price analysis of the Bonk crypto.
Let us now explore the market sentiments and possible Bonk price prediction.
Bonk Price Hints Rising Bullish Action
It has formed a rising channel pattern in the price chart and has been trading within it since 17th of June. By evaluating the market sentiments, all hands indicate a positive action. With a price of $0.000016479 and a market capitalization of $1.338 billion, Bonk holds the 59th position in the global market.
The Bollinger Bands (BB) shows a narrowing neck over the recent time frame. However, the Bonk price is trading well over its midway (blue) and is currently retesting its upper zone (orange) that is currently at $0.000016149.
The Volume indicator shows a significant spike in its latest candle after experiencing a consolidated trend for a brief period. Notably, just spikes were last recorded between May and June. This trend shows a rising bullish action during this week.
The Bear Bull Power records an increasing green histogram in the daily time frame. The BBP displayed a negative sentiment most of the time during the last 40 days. Considering the present market sentiments, this memecoin may record a sustained bullish momentum in the shorter time frame.
The BONK memecoin could retest its resistance trendline of the rising channel pattern above the $0.0000170 mark. If the bullish sentiment intensifies, the Bonk price may head toward its upper price target of $0.0000223 that was last recorded on the 23rd of May.
On the contrary, if the bears outrun the bulls, the Bonk coin price may plunge to its support around the $0.00001350. An intensifying negative action could pull the price toward its crucial watch point of $0.0000120.
Also Read: XRP Price Eyes $3.20 as Futures OI Nears $5B with 30% Surge
