BONK Price Prediction Targets 120% Rally; Analysts Warn Investors 'Not Ready'

In a recent tweet, crypto analyst Unipcs (aka ‘Bonk Guy’) shares a bullish outlook for BONK price prediction amid a giant triangle pattern formation.

BONK price dropped 3% during Wednesday’s Asian market session to reach $0.000022. The market cap fell by $1.63 billion.

Despite the downtick, which follows a broader market pullback, crypto analysts hint at a major breakout from a multi-year pattern. But they add that investors are ‘Not Ready’ for the potential rally.

BONK Price Prediction Targets 120% Rally; Analysts Warn Investors ‘Not Ready’

In a recent tweet, crypto analyst Unipcs (aka ‘Bonk Guy’) shares a bullish outlook for BONK price prediction amid a giant triangle pattern formation. Since March 2024, the coin price has resonated strictly within two converging trendlines. But the price seems to be gathering bullish momentum before the next breakout.

The dog-themed memecoin recently rallied from $0.000019 to $0.000025— a 34% increase— within a fortnight. Unipcs suggests this upswing teases a bullish breakout from the pattern’s overhead trendline, setting the stage for a rally that investors “are not ready” for.

For a detailed analysis, check out the article on Top Meme Coins.

Investor Confidence in BONK Grows as Open Interest Rises 52%

According to Coinglass data, BONK’s future open interest has surged from $5.44 million in mid-September to $8.56 million currently, marking a 52% increase.

This significant rise in open interest suggests growing investor interest and confidence in BONK’s price movements, potentially indicating heightened speculation around a major price shift or a bullish rally in the near future.

BONK spot trading listing on the crypto exchange Upbit might have fueled the investors’ anticipation of potential growth.

BONK Holds Above Key Support Amid Pullback, Eyes 120% Rally

A three-day pullback in BONK price has delayed the triangle breakout as the asset currently trades at $0.000022. Another crypto trader, Vegeta, acknowledges this pullback and reveals an accumulation trend in the 3-day chart.

However, the key support of $0.000019 has prevented further losses, and the memecoin now eyes a potential 120% rally to reach the pattern’s apex resistance at $0.000045 if it breaks out.

But the technical analysis also suggests a bearish scenario if the price fails to hold the critical support and slides below it. In that case, BONK could be set for a downtrend towards the lower trendline of the triangle.

BONK price might be preparing for a breakout from a crucial technical pattern on high timeframes, as traders anticipate the next directional move in the memecoin. But the memecoin is still up for grabs by most major crypto exchanges.

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