The current bull run is witnessing a surge in the popularity of meme coins, with analysts predicting that the hype surrounding these tokens will even surpass that of non-fungible tokens (NFTs) from the previous bull run.
According to analyst BERLY, the trend started with Bonk (BONK) in October and has been running in cycles for the past eight months, during which time several meme coins have reached market caps exceeding $100 million from zero and are holding their value.
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Altseason Yet to Come, Juiciest Profits Still Ahead
BERLY emphasizes that the altseason hasn’t even begun yet, suggesting that investors still have the opportunity to capitalize on the most notable profits. The analyst highlights the importance of understanding the trend of this bull run in a timely manner.
Different funds, such as DWF and Wintermute, are only now starting to invest in meme coins, while Gotbit has been involved from the beginning, particularly in the Solana ecosystem.
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Show more +Bonk Price Action Follows Analyst’s Predictions
CryptoJack, another prominent analyst, recently shared his analysis of Bonk’s price action, which has been following his predictions from the previous week.
The token was rejected by resistance and now needs to bounce from the orange area of support to maintain its bullish momentum. If Bonk can stay above this support area, CryptoJack expects the token to reach new all-time highs (ATHs) very soon.
Technical Analysis Suggests Potential Upside
A detailed technical analysis by altFINS indicates that Bonk is currently in an uptrend, having recently experienced a bullish breakout from an ascending triangle pattern. The token came close to the near-term target of $0.000046, representing a 50% gain, before being rejected at that resistance level due to profit-taking.
The analysis suggests that a pullback near the $0.000030 support level could present an attractive swing trade entry opportunity in the ongoing uptrend, with a potential 50% upside back to $0.000046. Investors are advised to set a price alert to capitalize on this potential entry point.
Source: altFINS – Start using it today
Momentum and Support/Resistance Levels
The short-term, medium-term, and long-term trends for Bonk are all classified as “Strong Up,” indicating a robust bullish sentiment surrounding the token. However, the momentum is currently bullish but inflecting, with the MACD (Moving Average Convergence Divergence) line still above the MACD signal line. The declining MACD histogram bars suggest that momentum could be nearing a downswing.
The nearest support zone for Bonk is identified at $0.00003, followed by $0.00002. On the upside, the nearest resistance zone is located at $0.000037, with the next resistance level at $0.000046.
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