Bonk(BONK),aSolana-basedmemecoin,wentsidewaysthroughouttheweek,displayingindecisionamongtraders.However,anuptrendinakeyindicatorsuggestsabullishdivergenceisforming.
Meanwhile,BONKpricecomfortablyheldgainsabovethekeyEMAsandattemptedtobreachtheprimaryhurdleof$0.00002400.
Thebullishconvictionarosefromtherecentbreakoutobservedonthechart.Lastweek,thememecoinbreachedatrendlinebarrieranddecisivelyretestedtheregion.
Itwaspoisedforafreshhigherhighswingabove$0.00002400andcouldseea20%upswinginthefollowingsessions.
DirectionalMovementIndexPointstoBullishTrendforBONK
BONK’sDirectionalMovementIndex(DMI)showsaslightlybullishmomentum.The+DIorpositiveDIisat23.40,whereasthe-DIornegativeDIisat8.80,indicatingthatthebuyingpressurehasoutpacedthesellingpressure.
DMIIndicator|Source:TradingView
BONKpricewastradingat$0.00002327,notinganintradaydropofover1.11%andaweeklysurgeofaround10%.
ThepairofBONK/BTCwastradingat0.000000000340BTC,andhadavolume-to-marketcapratioof0.0724.
Withamarketcapof$1.72Billion,thememecoinwasranked50thamongthetop100cryptocoins.
BONKPricePrediction:Isa20%RallyImminent?
OnOctober20,BONKpricetradedabovethekeyEMAsandformedagoldencross,a20%surgeislikelyinthefollowingdays.
The20-dayEMAlinehascrossedthe50-dayEMAonanupwardside,signalingabullishshiftinmomentumandindicatingupwardpricemovementinthefollowingsessions.
Also,whentheshorterEMAcrossesabovethelongerone,itmeansthattheshorttermbullishtrendwasintact.
InarecenttweetonX,cryptopunkrocksaidthatBONKcryptobouncedfromthe23.6%Fiblevelandwitnessedaccumulation.
Adailycloseabovethedescendingtrendlineof$0.00002400wouldgiveanothercrossoverof50-dayand200-dayEMAs.
$BONKtested0.235FIBfromthecompleteretracementandbounced.Nexttesttobreakdesc.trend.#BONKpricepulledbacksofar.HopetoseeanotherriseanddailyclosinggreencandlesothatEMA50willclearlycross200frombelow.pic.twitter.com/Wbi8NEk7Ei
—CPR(@cryptopunkrock1)October19,2024
TheRelativeStrengthIndex(RSI)linestayedabovethemidlineregion,around56atpresstime,formingapositivedivergence,signalingabullishoutlook.
BONKPriceChart|Source:TradingView
TheMovingAverageConvergenceDivergence(MACD)indicatorsignaledbullishness;theMACDlinestayedabovethesignalline,conveyingapositivestance.
LongorShort?DataShowsMixedCues
DatafromCoinglassindicatesthattheNetflowgraphdisplayedmixedcues.LookingatthedirectionofNetFlow,itisclearthatmoretradersarewithdrawingtheirBONKfromexchanges,indicatingapositivestance.
NetflowData|Source:Coinglass
Overthelastsevendays,tradershavewithdrawnover$4.10MillionworthofBONKfromBinanceand$1.03MillionfromBybit.However,thelong/shortratiowasat0.9444,favouringthelongsidetrades.
Meanwhile,theOpenInterest(OI)hasdroppedover3.20%to$8.31Million,whichsignifiesaminorlongunwindingmoveoverthepast24hours.
thecoinrepublic.com