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Why Is BONK’s Price Up by 75% Weekly and What’s Next?
BONK has been making waves in the market with a staggering weekly increase of 75%. The cryptocurrency has managed to break through resistance, breaking out above $0.000039 at press time and is now eyeing $0.000058 as traders keep a close eye on key supply zones.
The price surge was preceded by a clean breakout above a long-term descending trendline and horizontal resistance near $0.00003. This successful retest of support has allowed the coin to continue its upward momentum, with daily trading volume crossing the $3 billion mark, indicating renewed market interest.
Experts are now cautioning that the price is approaching a key zone that previously capped upside in late 2024. It is crucial for BONK to clear this region in volume if it hopes to maintain the current trend and achieve higher prices. The subsequent targets for traders to monitor include $0.00004676 and $0.00005876, which converge with previous swing highs.
The market has been favorable towards cryptocurrencies like BONK due to an improvement in broader crypto sentiment. There is growing open interest across major exchanges, and risk appetite has returned to the meme coin sector. Additionally, it’s worth noting that BONK was recently added to Grayscale’s institutional tracking list, a move seen by some as a step towards greater legitimacy for the token.
Currently, the cryptocurrency trades just below a critical resistance band of $0.000037. A successful breach above this level would signal continuation and further upside potential. Failure to clear this area may result in a short-term consolidation or test of support around $0.000029.
Source: cryptopotato.com
