The sentiment in the cryptocurrency market is turning bullish following Bitcoin’s recent uptrend, which is fueling overall market momentum.
Over the past day, memecoins have been in the spotlight, hinting at a potential memecoin season.
At the forefront of the top 100 cryptocurrencies by market cap in terms of gains is Bonk [BONK], which has surged by 3.8%, followed closely by Dogecoin [DOGE] with a 3.2% increase.
Ripple [XRP] also recorded a 3.2% gain, while dogwifhat [WIF] and Popcat [POPCAT] secured spots in the top five gainers.
Not only did Bonk lead in terms of percentage gains, but it also surpassed Sei [SEI], a Layer 1 blockchain, in market capitalization, highlighting Bonk’s increasing potential in the long run.
BONK Showing Strength in Symmetrical Triangle Pattern
The price action of Bonk currently demonstrates robust bullish momentum, prompting the question of whether BONK/USDT will break out and experience a significant surge as we approach the final quarter of the year.
This period historically tends to be bullish for the cryptocurrency market.
The pair is currently trading within a large symmetrical triangle, nearing the resistance level of this pattern.
The symmetrical triangle, forming since the beginning of the year, signifies that traders and investors have accumulated substantial amounts of Bonk, hinting at an imminent breakout.
Previously, the pair formed a triple bottom around the $0.000016 zone, a pattern that usually indicates a reversal.
The confirmation of this triple bottom occurred with a breach above the neckline, emphasizing the importance of a breakout above the upper resistance for the bullish scenario to materialize.
Multiple indicators suggest that Bonk might experience a breakout and a subsequent rally. Notably, the MACD has turned decisively bullish, with the histogram bars reflecting heightened buying momentum.
This further reinforces the belief that a breakout above the resistance level could lead to a notable price surge.
If the breakout unfolds, traders might witness a potential return exceeding 70% from the breakout zone to BONK’s all-time high.
Increasing Interest in Bonk Futures Market
An analysis of Bonk’s Futures Open Interest across various platforms indicates a growing interest in the token as its price action strengthens.
Since the start of August, Bonk’s Open Interest has surged to new highs this week, marking the highest figures seen over the past two months.
This escalating Open Interest further bolsters the likelihood of a significant breakout for Bonk, with more traders and institutions displaying interest in its price movements.