Over the last 30 days, Bonk [BONK] has seen a remarkable increase of more than 31%, despite a slight 2.71% decline in the past 24 hours according to data from CoinMarketCap.
Nevertheless, these fluctuations should not raise any alarms, as it seems that Bonk is gearing up for what could be an upcoming surge in memecoin activity.
The recent surge in the 24-hour trading volume by more than 23%, reaching $263 million, reflects a growing interest in the token, setting the stage for an exciting period ahead.
Price Analysis and Forecast for BONK
The price movement of BONK paints a positive picture as it establishes a Volatility Contraction Pattern (VCP) along with decreasing volume.
This pattern indicates a consolidation of momentum for a potential breakout. Traders who are familiar with this setup recognize it as a sign of a probable significant upward movement.
Once the price surpasses the current downtrend resistance, it could accelerate towards the $0.00004894 mark.
Breaking through this level could pave the way for new record highs, possibly reaching them by the upcoming year. Nevertheless, the initial push towards this target is anticipated to commence in the final quarter of this year.
This scenario offers a promising opportunity for long-term investors in BONK.
Market Liquidity and UPBIT Exchange Listing
The combined order book data for BONK reveals a liquidity difference of $263K between buy and sell orders. A surplus of buy orders over sell orders is depicted in green, indicating robust buying pressure.
While this metric does not directly determine the price of BONK, it provides insights into market sentiment and liquidity. The current positive buy depth suggests a conducive environment for potential price increases.
In a significant development, BONK has made headlines by getting listed on UPBIT, the largest crypto exchange in Korea.
This decision exposes the memecoin to one of the highest volume trading platforms globally, granting access to a wider Asian audience.
The influx of new traders from Korea is anticipated to elevate liquidity levels, thus amplifying market activity for BONK.
As the listing gains traction, traders are encouraged to position themselves before a probable surge in the market, as demand is expected to spike. Bonk’s current price activity and imminent developments indicate a positive path ahead.
With a potential breakout on the horizon, increasing liquidity, and a fresh listing in Korea, BONK seems well-positioned for a substantial upswing in the foreseeable future.