BONK Jumps 20% As ‘Dog Season’ Starts, Analyst Says

Christian Encila

8 months ago

3 mins read

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As communities of the crypto space increase so does the amount of ludicrosity that comes with it, as meme coins are now starting to shine and seemingly trying to change the digital currency landscape. On the spotlight today is the meme coin BONK. If the meme coin breaks $0.000041 in October, it will have already made history because it set a new milestone and secured a tough spot for itself in the market — and setting the stage for what an analyst says is the “start of the dog season.”

BONK: Recent Price Movements Signal A Shift

Recently, the price activity of BONK suggests a trend reversal. After hitting bottom at $0.000001567, the coin recently started gaining traction upward and grabbed the attention not only of the retail but also of the institutional market.

Of interesting note here, the last increase in price was 8.59%. Until the date of this rise, it hasn’t changed much from this percentage.

$BONK – This setup is now ready, cat season is over it’s time for the dogs. pic.twitter.com/Hbr9owNcoz

— Astekz (@astekz) October 16, 2024

Over the past week, BONK has surged almost 20% and traded from $0.000001917 to nearly $0.000002395. Technical Indicators suggest it forms a rising wedge and may follow through with the double bottom pattern formed on June 24 at the level of $0.000001984.

An upward-pointing MACD with a bullish crossover further complements its upward momentum.

BONK market cap currently at $1.7 billion. Chart: TradingView

Key Resistance Levels And Analyst Predictions

BONK has met strong resistance at the 38.2% Fibonacci retracement, which stands at $0.000002265, ignoring the recent rally. If it cannot break through this level, the coin will proceed into a consolidation rather than upwards.

BONK price up in the last seven days. Source: CoinMarketCap

The next resistance that BONK needs to break through is the 50% Fibonacci retracement standing at $0.0000025. According to estimations from the analysts, at this level, the price will advance to a high of either $0.0000035, $0.0000048, or $0.0000070.

Potential Setbacks And Market Volatility

However, BONK does not have an easy ride ahead. On one hand, the coin recently faced a minor 1.07% intraday drop in price accompanied by signs of price rejection, this may speak to or lead to possible short-term volatility, which can further detriment the growth of the meme coin.

Another retest of the broader falling channel pattern might thus lie ahead, which could precede yet another breakout attempt.

With meme coins back on the map in the crypto sphere, everything about BONK in October will be followed closely as the market waits to see if the coin continues upward, hitting new heights, or runs into new low points in the weeks to come.

Featured image from WIKIWIKI, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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