Bonk Technical Analysis Indicates Upward Trends as $PEPU Approaches $12.5M Presale Milestone

Recent developments have sparked increased market activity for Bonk, which, despite underperforming compared to larger rivals, maintains a substantial market cap of $1.1 billion.

Currently ranked 58th among cryptocurrencies, Bonk is the sixth most valuable meme coin, demonstrating its strength in a competitive market.

As investors seek the next potential surge, attention has shifted to new presale projects. Pepe Unchained has emerged as a standout option, attracting significant interest, including from whales.

This growing attention underscores Pepe Unchained’s potential as a promising meme coin presale.

Bonk’s daily trading volume has recently surged by 45%, reaching $148 million, which represents over 10% of its market cap traded in just a single day. Much of this volume comes from major exchanges such as Binance, Coinbase, and HTX, signaling strong market interest.

This increase in volume is a bullish indicator, reflecting renewed attention and trading activity around the asset, despite Bonk currently experiencing a short-term price decline.

Although Bonk has seen a 3% decline over the past week, today’s daily performance shows a 1.21% increase. Over the past month, the meme coin has corrected by 21%. Bonk reached its all-time high on March 4th, after which it has faced a substantial downward correction.

Despite this correction, Bonk’s position remains relatively stable above the $1.1 billion market cap mark. The recent pullback brought Bonk down to $0.00001105, a crucial point in its price action. This low hints at a potential higher-low formation, indicating a possible shift in market sentiment.

However, the market is still in a bullish phase but could turn bearish if the price faces a 30% correction from its current level. For traders seeking breakout opportunities, Bonk’s price action is forming a falling wedge pattern, commonly associated with upcoming bullish reversals.

Key support areas have been established based on historical momentum, and previous bounces have demonstrated strength in this region. When trading momentum, the strategy often involves targeting half of the original move as a potential bounce area.

In Bonk’s case, the first wave up represented a 35% rise, so traders might aim for a 17.5% bounce if current support levels hold.

However, market conditions are not always favorable, and it is essential to remain cautious. Staggered take-profit strategies can help mitigate risks, allowing traders to lock in gains while minimizing potential losses.

Supporting this bullish outlook is the performance of volume-weighted ATR (average true range) indicators on the 4-hour and 12-hour charts. Historically, these indicators have been reliable for Bonk, signaling possible bounces.

With increased volatility in the market, these indicators suggest the potential for a strong upward move in the near term, provided key support levels remain intact.

Bonk’s recent increase in trading volume and positive technical indicators suggest potential for a rebound, despite its underperformance compared to other meme coins.

Investors are closely watching key support and resistance levels and volume-weighted indicators for potential trading opportunities.

Meanwhile, some investors are exploring alternative meme coins on presale like Pepe Unchained as a potential investment option amid the uncertainty surrounding established meme coins.

For those seeking alternative investments, check out our 2024 guide to the best meme coins to buy.

Pepe Unchained, a Layer 2 blockchain project, has garnered significant attention during its presale, with funding increasing to $12 million from over $5 million in just one month.

The project aims to introduce new decentralized finance (DeFi), meme coins, and games, offering faster, cheaper, and more efficient transactions than Ethereum.

Pepe Unchained — Groundbreaking Layer 2 Blockchain technology.

Welcome to the future of meme coins.