Bonk continues its bullish rally with the start of ‘Uptober’, sparking bullish sentiment among investors following recent fears of a major pullback. The memecoin sensation started its Q4 journey on a positive note, reclaiming crucial levels, with investors and crypto analysts predicting a green weekly close.
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BONK closes the third quarter with an increase of 13%
Bonk has had remarkable performance over the past two weeks, jumping 60% since September 15th. memecoin It broke above the multi-month downtrend line after successfully reclaiming the $0.000022 resistance level last Friday, recording a 38% increase over the past week.
Additionally, the canine-themed sensation closed the month 48% above its opening price, revisiting pre-Black Monday levels in August. The token has also seen a 13% increase since opening in Q3, trading at around $0.000025 in early October.
This bullish price action propelled BONK price above $0.000026 momentarily before redoing supports the $0.000024 support level, which some considered an extremely bullish sign for the token’s future price action.
According to crypto trader Astekz, BONK’s monthly recovery meant that “any consolidation” above the breakout level is “gig bullish”. Additionally, the token saw a 13% increase in daily market activity over the last day, recording a daily trading volume of $795.3 million.
Is a ‘Green Turbo Week’ in the works?
Bluntz Crypto Analyst observed that, along with all the strong memecoins, BONK made a “quick” recovery from the weekly drop after a “perfect ABC pullback.” This performance put memecoin “in prime position for a turbo green week,” which he further predicted following its performance on Monday.
For Bluntz, BONK is close to a breakout after experiencing three days of sideways movement. Furthermore, the token recovered the 200-day moving average (DMA), which was above it the previous day.
The trader considered that the token’s next parabolic run could be “sustained” and reach the $0.000035 resistance level soon. Other market watchers echoed this sentiment, highlighting BONK’s strength during recent declines.
Another analyst noted that memecoin has moved within a large symmetrical triangle since its March all-time high (ATH). The trader detailed that the token’s price is approaching the pattern’s resistance since it formed a triple bottom at $0.000016.
A breakout of the multi-month pattern could see the token’s price make a potential 70% recovery from its previous ATH of $0.000045. Furthermore, some investors believe that the cryptocurrency could be positively affected by the overall market performance this “To the top.”
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Last October, the cryptocurrency began a huge rally that destroyed two zeros from the token’s price, closing the third quarter of 2023 at US$0.00014, an increase of 6,900%. However, BONK recorded a price drop in the last few hours following Bitcoin’s drop to $62,000.
At the time of this writing, memecoin is trading at $0.00023, down 2.9% on the daily time frame.
Featured image from Unsplash.com, chart from TradingView.com