Bonk prepares for breakout, higher price potential with increasing liquidity.
- Bonk, as of press time, was up by 31% in the past 30 days. BONK’s price action suggests a promising outlook.
Bonk [BONK] has risen by over 31% in the past 30 days, despite a minor 2.71% dip in the last 24 hours as per CoinMarketCap.
However, these fluctuations are no cause for concern, as it appears to be preparing for a potential memecoin supercycle.
The surge in 24-hour trading volume by over 23%, bringing it to $263 million, reflects growing interest in the token, setting the stage for an exciting period ahead.
BONK price action and prediction
BONK’s price action suggests a promising outlook as it forms a Volatility Contraction Pattern (VCP) accompanied by declining volume.
This pattern indicates a buildup of energy for an imminent breakout. Traders familiar with this setup know it signals a strong upward move is likely to follow.
Once price breaks through the current downtrend resistance, it could quickly escalate, aiming for the $0.00004894 level.
Source: TradingView
If this level is cleared, new all-time highs could be seen, potentially by next year. However, the initial move toward this target is expected to begin in the final quarter of this year.
This setup presents an excellent opportunity for investors who plan to hold BONK long-term.
Liquidity delta and Upbit listing
The aggregated order book for BONK shows a depth difference of $263K between buy and sell orders. When buy orders exceed sell orders, the data reflects in green, indicating stronger buying pressure.
While this metric does not determine BONK’s price directly, it gives a sense of market sentiment and liquidity. It is currently showing positive buy depth, suggesting a favorable environment for potential price gains.
Source: Coinglass
In another significant development, BONK has made waves by securing a listing on UPBIT, the largest cryptocurrency exchange in Korea.
This move brings the memecoin to one of the world’s largest trading platforms by volume, offering exposure to a broader Asian audience.
The influx of new traders from Korea is expected to boost liquidity, contributing to BONK’s growing market activity.
As the listing garners attention, traders are advised to position themselves before the market surges, as demand is likely to rise sharply. Bonk’s current price action and upcoming developments point to a higher trajectory.
With a breakout looming, liquidity strengthening, and a new listing in Korea, BONK appears poised for a significant rally in the near future.
Take a Survey: Chance to Win $500 USDT
Next: AAVE aims for breakout amid GHO launch: Will it succeed?
Source
