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Bonk continues its bullish rally as ‘Uptober’ begins, sparking bullish sentiments among investors after recent fears of a major pullback. The memecoin sensation started its Q4 journey well, gaining significant levels, where investors and crypto analysts predicted a weekly green close.
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BONK Closes Q3 With 13% Surge.
Bonk has seen remarkable performance throughout the past two weeks, jumping 60% since September 15. Memecoin broke above the multi-month downtrend line after successfully retrieving the $0.000022 resistance level last Friday, registering a surge of 38% last week.
Additionally, the dog-themed sentiment closed the month 48% above its opening price, retracing levels prior to August’s Black Monday. The token has also seen a 13% increase since its opening in Q3, trading around $0.000025 as October begins.
This bullish price action pushed the price of BONK above $0.000026 for a while before breaking through the $0.000024 support level, which some considered a bullish signal for the token’s future price action.
According to crypto trader Astekz, BONK’s monthly return means that “any consolidation” above the break-even level is “giga bullish.” In addition, the token had a 13% increase in daily market activity over the previous day, registering a daily trading volume of $795.3 million.
Is ‘Turbo Green Week’ In The Making?
Crypto analyst Bluntz noted that, along with all other strong memecoins, BONK had a “rapid” recovery from the weekly dip following a “complete abc pullback.” This performance put memecoin in “a good position for a week in the green,” which he also predicted after its performance on Monday.
For Bluntz, BONK is close to a breakout after spending three days on the sidelines. Additionally, the token retook the 200-day Moving Average (DMA), which it had been sitting above the previous day.
The trader thought that the next parabolic run of the token could be “stopped” and target the resistance level of $0.000035 soon. Other market watchers echoed this sentiment, highlighting BONK’s strength throughout the recent dip.
One analyst noted that memecoin has moved inside a large symmetrical triangle since March of last year (ATH). The trader explained that the price of the token is approaching the resistance of the pattern from the formation of the triple bottom at $ 0.000016.
A breakout from the multi-month pattern could send the token price to a potential 70% rally towards the previous ATH of $0.000045. In addition, some investors believe that cryptocurrency can be positively affected by the general performance of the “Uptober” market.
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Last October, the cryptocurrency started a big rally that separated two zeros in the price of the token, closing Q3 2023 at $0.00014, a 6,900% surge. However, BONK has registered a price drop in the past few hours following Bitcoin’s plunge to $62,000.
As of this writing, memecoin is trading at $0.00023, a decrease of 2.9% in the daily period.
Featured image from Unsplash.com, Chart from TradingView.com