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Bonk continues its bullish rally as ‘Uptober’ begins, sparking a bullish sentiment among investors after the recent fear of a major pullback. The memecoin sensation kickstarted its Q4 journey positively, reclaiming crucial levels, with investors and crypto analysts forecasting a green weekly close.
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BONK Closes Q3 With 13% Surge
Bonk has seen a remarkable performance throughout the past two weeks, jumping 60% since September 15. The memecoin broke above the multi-month downtrend line after successfully reclaiming the $0.000022 resistance level last Friday, registering a 38% surge in the past week.
Additionally, the dog-themed sensation closed the month 48% above its opening price, revisiting levels before August’s Black Monday. The token also saw a 13% increase from its Q3 opening, trading around $0.000025 as October started.
This bullish price action propelled BONK’s price above $0.000026 momentarily before retracing back the $0.000024 support level, which some considered an extremely bullish signal for the token’s future price action.
According to crypto trader Astekz, BONK’s monthly reclaim meant that “any consolidation” above the breakout level is “giga bullish.” Moreover, the token had a 13% increase in daily market activity in the past day, registering a daily trading volume of $795.3 million.
Is A ‘Turbo Green Week’ In The Making?
Crypto analyst Bluntz noted that, alongside all the strong memecoins, BONK had a “swift” recovery from the weekly dip following a “perfect abc pullback.” This performance put the memecoin “in prime position for a turbo green week,” which he further predicted after its Monday performance.
To Bluntz, BONK is close to a breakout after spending three days of sideway moves. Additionally, the token reclaimed the 200-day Moving Average (DMA), which had been sitting above it for the past day.
The trader considered that the token’s next parabolic run could be “sustained” and target the $0.000035 resistance level soon. Other market watchers echoed this sentiment, highlighting BONK’s strength throughout the recent dips.
Another analyst noted that the memecoin has moved within a large symmetrical triangle since its March all-time high (ATH). The trader detailed that the token’s price is moving closer to the pattern’s resistance since forming a triple bottom at $0.000016.
A breakout from the multi-month pattern could send the token’s price to a potential 70% rally toward the previous ATH of $0.000045. Additionally, some investors believe that the cryptocurrency could be positively affected by the market’s general performance this “Uptober.”
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Last October, the cryptocurrency started a massive rally that shredded two zeros from the token’s price, closing Q3 2023 at $0.00014, a 6,900% surge. However, the BONK registered a price decline in the last few hours following Bitcoin’s dip to $62,000.
As of this writing, the memecoin is trading at $0.00023, a 2.9% drop in the daily timeframe.
Featured Image from Unsplash.com, Chart from TradingView.com
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