Forget Dogecoin, Analyst Says Solana Meme Coin “BONK” Is About To Explode
The post Forget Dogecoin, Analyst Says Solana Meme Coin “BONK” Is About To Explode appeared on BitcoinEthereumNews.com. Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure BONK, the Solana meme coin, has been silent for a while, but an interesting technical analysis suggests something interesting might be brewing for its price action. Over the past few weeks, the meme coin has displayed an increasingly bullish structure, with its price reclaiming a key support level and beginning to challenge overhead resistance. According to an analyst on the TradingView platform, BONK has just confirmed a double bottom formation; and here are the next price targets for the meme cryptocurrency. Double Bottom Reversal And Golden Cross Points To BONK Price Explosion Technical analysis of the BONK/TetherUS pair shows that the meme cryptocurrency has just confirmed a double bottom formation, which is one of the most reliable reversal patterns in technical analysis. This structure points to the exhaustion of the bearish momentum that has characterized BONK’s price action since the beginning of the year, and the early stages of a bullish trend shift. BONK’s price action is now pushing directly into the descending trendline resistance, which a major technical ceiling that has rejected its rallies since late December 2024. If this barrier is broken, it would mark a decisive break from the months-long downtrend. Source: Chart on Tradingview Furthermore, the exponential moving averages are also sending a bullish signal. The convergence of the 12-hour EMA-50 and EMA-200 could soon result in a Golden Cross, which is an event that typically precedes a strong upside continuation. Upside Targets And Key Resistance Zones To Watch It seems BONK is currently on the path to breaking above the resistance trendline again, but this time with enough conviction. The last time the meme coin tested this trendline was in late April when its price was rejected at $0.00002179. This rejection was…
The post Forget Dogecoin, Analyst Says Solana Meme Coin “BONK” Is About To Explode appeared on BitcoinEthereumNews.com.
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure BONK, the Solana meme coin, has been silent for a while, but an interesting technical analysis suggests something interesting might be brewing for its price action. Over the past few weeks, the meme coin has displayed an increasingly bullish structure, with its price reclaiming a key support level and beginning to challenge overhead resistance. According to an analyst on the TradingView platform, BONK has just confirmed a double bottom formation; and here are the next price targets for the meme cryptocurrency. Double Bottom Reversal And Golden Cross Points To BONK Price Explosion Technical analysis of the BONK/TetherUS pair shows that the meme cryptocurrency has just confirmed a double bottom formation, which is one of the most reliable reversal patterns in technical analysis. This structure points to the exhaustion of the bearish momentum that has characterized BONK’s price action since the beginning of the year, and the early stages of a bullish trend shift. BONK’s price action is now pushing directly into the descending trendline resistance, which a major technical ceiling that has rejected its rallies since late December 2024. If this barrier is broken, it would mark a decisive break from the months-long downtrend. Source: Chart on Tradingview Furthermore, the exponential moving averages are also sending a bullish signal. The convergence of the 12-hour EMA-50 and EMA-200 could soon result in a Golden Cross, which is an event that typically precedes a strong upside continuation. Upside Targets And Key Resistance Zones To Watch It seems BONK is currently on the path to breaking above the resistance trendline again, but this time with enough conviction. The last time the meme coin tested this trendline was in late April when its price was rejected at $0.00002179. This rejection was…
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