Bonk (BONK) is about to get a higher value proposition, with the entire coin market trending dramatically. Recently, leading meme currencies such as FLOKI, SHIB and PEPE have been heating up, while a lot of reasons have been created almost as expected with BONK.
Approval of the ETF will add to the overall bullish sentiment across the broader cryptocurrency market and will likely put upward pressure on a positive wave across the market, benefiting BONK. This week this coin rose by almost 6%. From a larger perspective, the price is up about 45% in the last 30 days.
As of now, Bonk has a price of $0.00003394, a 24-hour trading volume of $432.03 million and a market cap of $2.28 billion. The coin’s price has risen by 1.68% over the past 24 hours, indicating continued investor interest and market momentum.
Analyst eyes new all-time high for BONK
Popular cryptocurrency analyst CryptoJack shared an optimistic outlook on BONK’s price trajectory. In its latest analysis, CryptoJack confirmed that the coin follows the expected pattern that it explained in detail last week.
The analyst noted that the coin price was rejected by resistance and now needs to bounce off the orange support area to remain bullish. If BONK can stay above this support area, it expects all-time highs (ATHs) soon.
CryptoJack analysis underscores the importance of the coin holding its current support level to maintain its upward momentum. The orange support area it indicates is crucial; Consolidation above this area could pave the way for a significant upward movement and the possibility of reaching new ATHs.
Historical performance data supports CryptoJack’s bullish trend. The highest price ever recorded for BONK was $0.00004547 on March 4, 2024. Although the current price is 24.90% below this peak, recent price movements indicate a possible reversal of this trend.
However, the currency has managed to show strength over the past two weeks and recover from lower support, with all signs suggesting that it could be on the verge of a breakout, as long as it remains above the critical support zone.
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