Bonk [BONK] took the cryptocurrency market by storm, surging 23% to break above $0.00004 in what analysts dubbed a “God candle.”

Although BONK has fallen back from its highs, it still remains above the key resistance level of $0.000025. As of press time, the trading price is around $0.000032, still up 2.77% in the past 24 hours. This breakthrough, coupled with the surge in MACD momentum, indicates strong buying interest.

What is the bullish momentum in the future?

Recently, BONK’s chart showed that it broke through the critical resistance level of $0.000033. This breakout usually signals a bullish trend ahead, especially when accompanied by high volume movements.

Therefore, with this level falling, BONK will focus on the next resistance at $0.000045. However, whether it can sustain this momentum will largely depend on upcoming trading activity and market sentiment.

Moreover, the MACD indicator is pointing towards a strong upside move as the MACD line remains significantly above the signal line.

This arrangement is usually a clear sign of bullish momentum, meaning buyers are in control. If this momentum continues, BONK could rise further to the next target range.

However, any sudden crossovers in the MACD should be closely monitored as they could signal a possible reversal.

Additionally, BONK’s Average True Range (ATR) indicator showed a notable increase, highlighting the heightened volatility in recent trading sessions.

While increased volatility can present exciting opportunities for traders, it also carries with it greater risks.

Therefore, it is imperative for traders to develop a strategy that takes into account potential price fluctuations when trading memecoins.

This volatility reflects strong market interest, but also serves as a reminder that BONK’s movements are difficult to predict.

More Crypto Analysts Are Bullish on the Solana Meme Token

Cryptocurrency analysts are increasingly bullish that Bonk Token will maintain its bullish trend as Bitcoin price moves towards $100,000. Historically, memecoins tend to outperform BTC during bull runs.

In an X post, ZerO, a well-known cryptocurrency analyst, noted that Bonk will eventually become a $30 billion asset. To achieve this goal, the token would need to rise by 1,400%, with the price rising to $0.00042.

Bonk X Posts

Bonk’s price also surged after being listed on Binance US. The company said in a statement that the BONK/USDT pair will begin trading on November 13, giving it access to thousands of customers. Historically, cryptocurrencies have typically gone parabolic when they are listed on major cryptocurrency exchanges.

Bonk’s trading volume in the DEX industry is also surging. Data from Solscan shows that the trading volume has jumped to more than $60 million in the past two days.

Likewise, BONK’s funding rate is currently positive and continues to rise, a bullish sign that suggests traders are taking long contracts on the token. Positive funding rates indicate that most traders expect BONK’s price to continue to rise, adding to positive sentiment towards the asset. This collective optimism can foster continued upward momentum as it reflects strong confidence in BONK’s growth potential.

Bonk’s futures open interest also surged to $16.6 million, the highest level since May 30, suggesting the token is in demand among investors.

This positive sentiment is further enhanced by the fact that most traders are long BONK. This support level is crucial as it shows that traders see the potential for short-term gains and are willing to hold positions in the hope of further price increases.

BONK's declining social dominance raises questions

Meanwhile, social dominance has declined slightly, suggesting retail interest is cooling. Since social buzz often drives the initial hype for meme-based tokens, a continued decline could affect BONK’s momentum.

However, if social interest revives, it could spark another wave of buying. Therefore, maintaining exposure and engagement on social platforms may be crucial to its continued rise.

Bonk Price Prediction

Technicals point to more Bonk price predictions as bullish momentum gathers. The coin has flipped the important resistance of $0.00002613 (October 1 high) into support.

It also formed a golden cross pattern, with the 50-day and 200-day weighted moving averages (WMA) forming a bullish crossover. Historically, this pattern has often led to long-term gains.

It is currently testing the breakout to hold resistance at $0.00003151. And the breakout from the descending wedge has taken the meme coin halfway to its 92% target price of $0.00004800, sparking hopes for further gains.

If BONK manages to flip the $0.00003151 resistance level into support, the uptrend is likely to continue and could potentially push the price to the next target of $0.00003769. Achieving this target would strengthen the bullish outlook and support BONK to achieve the 92% rebound objective.

The supertrend has also turned green, which is a popular bullish signal.

Therefore, to continue to rise, the price of Bonk needs to break through this level. If this happens, it will rise by 50% to reach its year-to-date high of $0.000044. Bonk still has a long way to go before it can climb to $0.1.

In simple terms

With a strong breakout above resistance and strong technical indicators, BONK seems well-positioned to sustain its bullish momentum. Although a strong MACD alignment, coupled with a slightly bullish long-short ratio, suggests that the uptrend may continue in the short term, traders should remain cautious due to heightened volatility and mixed social signals.

All in all, BONK’s rally shows strong continuation potential, but close monitoring of key indicators will be crucial to navigating this high-energy ascent.