Solana-based dog-themed meme coin Bonk (BONK) has actually seen its rate boost by 37% in the last 7 days. This advancement followed the wider market experienced a substantial healing, and other meme coin costs likewise leapt.
While some meme coins have actually seen their gains removed, BONK seems revealing enormous strength. As an outcome, the rate might be set to go higher in the short-term.
The Solana Meme Coin Stays Strong
With Bonk trading at $0.000024, the Awesome Oscillator (AO) on the day-to-day chart supports a bullish outlook. The AO is a momentum indication that compares current rate motions to historic patterns, utilizing a zero-line signal to identify whether momentum is bullish or bearish.
When the AO reading is listed below the absolutely no line, momentum is bearish, and when it is above, momentum is bullish. Presently, BONK’s AO programs bullish momentum, recommending that the current sideways motion might quickly result in a considerable increase.
Learn more: How to Buy Solana Meme Coins: A Step-By-Step Guide
Bonk Awesome Oscillator. Source: TradingView
The Bull Bear Power (BBP) lines up with this belief. The BBP reveals the strength of purchasers (bulls) and the strength of sellers (bears).
When the BBP climbs up, bulls remain in control, suggesting that the rate can increase. Alternatively, if the BBP is unfavorable, bears are dominant, and the cost may drop if it magnifies. On the day-to-day chart, BONK’s BBP is favorable, recommending that the rate can go much greater than $0.000024.
Bonk Bull Bear Power. Source: TradingView BONK Price Prediction: The Rally May Continue
The everyday chart reveals BONK’s rate nearing $0.000026, though it might experience resistance at this level. With the present bullish momentum and supremacy, the token might break through this area.
If effective, BONK’s short-term target might increase to $0.000030. This depends on whether bears can prevent pulling the rate back to $0.000021.
Learn more: 11 Top Solana Meme Coins to Watch in October 2024
Bonk Daily Price Analysis. Source: TradingView
If purchasing pressure heightens, BONK’s cost might rally towards $0.000035. Alternatively, a drop in purchasing activity might revoke this projection, possibly pressing the Solana meme coin to $0.000021.
Disclaimer
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Victor Olanrewaju is a technical and on-chain expert at BeInCrypto, where he keeps track of the activities of mid- and massive financiers, frequently called crypto whales, to spot financial investment patterns throughout varied cryptocurrencies, consisting of Bitcoin, altcoins such as Solana, XRP, Cardano, and Toncoin, along with meme coins like Dogecoin,
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