Bonk, a well-known memecoin, had a wild week, gaining 22%. In a tweet, popular crypto analyst Crypto Jack discussed the BONK/USDT trading pair, pointing out key support and resistance levels that could affect BONK’s price.
Recently, BONK hit strong resistance and got rejected at a high. Crypto Jack predicted this move last week. The chart shows a clear rejection at the upper resistance zone, marked in red. After hitting this resistance, the coin’s price dropped towards a crucial support area marked in orange.
This orange support zone is essential for BONK to keep its bullish trend. If the coin’s price stays above this support, Crypto Jack predicts a possible rally to new all-time highs (ATHs). The chart also shows a possible bullish reversal pattern, with the coin’s price bouncing off the support and preparing to break above the resistance.
The trend line on the chart indicates a steady upward movement since mid-May, showing strong bullish sentiment. The current price action suggests a consolidation phase, often leading to significant price movements.
BONK Price Forecast
Despite current technical indicators hinting at a bearish market, Bonk’s price prediction is surprisingly bullish. Analysts anticipate a strong surge of 226%, reaching $0.000112 by July 1, 2024. This suggests a long-term optimistic outlook.
The Fear & Greed Index reflects this sentiment, currently hovering at 72, indicating significant investor greed. This high reading suggests a market fueled by buying sprees, likely driven by the belief in future profits.
However, caution is advised. Historically, such high greed levels can trigger overbought scenarios, where an asset’s price inflates beyond its true value, potentially leading to a sudden price drop.
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