- BONK’s price is rising along with its volume, confirmed from the MACD.
- Sentiment among the communities points to the optimism stage of market psychology.
- The next target on BONK’s uptrend is $0.00004.
According to TradingView, BONK had a solid upward run in the recent price action. It is now trading at a price of about $0.0000279 from below $0.0000150 within a few weeks. Traders have taken note of this gradual rise. Thus, the breakout pattern of the meme coin has become clearer with more market volume.
Source: TradingView
Also Read | BONK Breakout Continues, Bulls Now Targeting $0.000032 Next
Such a price increase has become a hallmark of increased trader confidence. This bullishness is also depicted by the MACD indicator. It is rising, and its lines are indicating upward with green bars increasing.
The MACD signal implies that the purchase demand is rising. The price just managed to target the level of $0.0000300 and might increase further in case the momentum remains buoyant. Further, the token might reach the level of $0.00004 in the near future with this trend.
BONK Could Witness Huge Multiples of Current Valuation
On the web, the followers of BONK are getting more pumped. One of the most popular community members on X, Lemon, stated that the meme coin is in the optimism phase. According to him, this only constitutes a phase of a bigger market cycle.
Source: X
Above is the chart of market psychology that Lemon used to explain the mode of behavior exhibited by investors during various phases. The meme coin, in his words, will probably go through the phases of optimism to thrill, and finally to euphoria. He thinks that the market cap of $5 billion is only a short-term objective, adding that the cryptocurrency could do far more.
In another X post, Lemon emphasized that BONK is becoming the place to attract a tremendous amount of free capital. He said that a large portion of the money received from network activity is returning to the BONK ecosystem. This is what he termed as the feedback loop, which aids in the growth of BONK, as well as rules on positively for the entire community.
He labeled the meme coin as one of the most favorable opportunities to increase the returns of the investments. He made implications that it could be awaiting all-time highs (ATHs).
Also Read | BONK Approaches $0.000025 Resistance With Bullish Signals Growing
