Recent developments have led to increased market activity for Bonk, and although the company has underperformed compared to its larger rivals, it still maintains a large market cap of $1.1 billion.
Currently ranked 58th among cryptocurrencies, Bonk is the 6th most valuable meme coin, demonstrating its strength in a competitive market.
As investors look for the next potential surge, attention has shifted to new pre-sale projects, with Pepe Unchained emerging as a prominent option and attracting a lot of interest, including from large investors.
This increased attention highlights the potential for Pepe Unchained to be a pre-sale for a promising meme coin.
BONK Price Analysis
Bonk’s daily trading volume recently increased by 45% to $148 million, meaning that over 10% of the total market cap was traded in a single day. Much of this volume came from major exchanges such as Binance, Coinbase and HTX, indicating strong market interest.
This increase in trading volume is a bullish indicator and reflects renewed interest and trading activity in the asset, even as Bonk is currently experiencing a short-term price decline.
Bonk is down 3% over the past week, but today’s daily performance is up 1.21%. Over the past month, the meme coin has fallen 21%. Bonk hit an all-time high on March 4th and has since suffered a significant drop.
Despite this correction, Bonk’s position remains relatively stable above the $1.1 billion market cap level. The recent pullback has seen Bonk fall to $0.00001105, a key point in price movement. This low suggests a possible reversal from higher highs to lower lows, signaling a possible change in market sentiment.
However, the market is still in a bullish phase and could turn bearish if the price faces a 30% correction from current levels. For traders looking for a breakout opportunity, the bonk price movement is forming a descending wedge pattern that is commonly associated with an upcoming bullish reversal.
Key support areas are established based on past momentum, with previous bounces indicating strength in this area. When trading momentum, strategies often target half of the original move as a potential bounce area.
In Bonk’s case, the first upwave represented a 35% rise, so traders could be looking to bounce back by 17.5% if current support levels hold.
However, it is important to remain vigilant as market conditions are not always favorable. A gradual profit taking strategy can help mitigate risk, allowing traders to lock in profits while minimizing potential losses.
Supporting this bullish outlook is the performance of the volume-weighted ATR (Average True Range) indicators on the 4-hour and 12-hour charts. Historically, these indicators have been reliable for the Bonk, signaling a possible bounce.
Amid rising market volatility, these indicators suggest that a significant upside is possible in the near term if key support levels hold.
Bonk’s recent increase in trading volume and positive technical indicators suggest a possible bounce despite its underperformance compared to other meme coins.
Investors are closely watching key support and resistance levels as well as volume-weighted indicators for potential trading opportunities.
Meanwhile, amid the uncertainty surrounding existing meme coins, some investors are looking at alternative meme coins undergoing presales, such as Pepe Unchained, as potential investment options.
If you are looking for alternative investments, check out our 2024 guide on the best meme coins to buy.
Pepe Unchained: A potentially high-return investment
Pepe Unchained, a Layer 2 blockchain project, attracted a lot of attention during its presale, increasing its funding from over $5 million to $12 million in just one month.
The project aims to introduce new decentralized finance (DeFi), meme coins and games, as well as enable faster, cheaper and more efficient transactions than Ethereum.
Pepe Unchained — Groundbreaking Layer 2 Blockchain Technology.
Welcome to the future of meme coins. 🐸 pic.twitter.com/iC9b6YSynT
— Pepe Unchained (@pepe_unchained) September 6, 2024
Large investors, or “whales,” have shown their strong faith in the project by investing a total of $80,000 in ETH. The presale token PEPU is garnering attention for its 168% annualized staking rewards, with nearly 1 billion tokens already locked.
Anticipation for the launch is building, with pre-sale prices set to increase over the next 24 hours, and investors are banking on the potential for Pepe Unchained to generate huge profits, mirroring the recent success of other meme projects.
Some believe that the rise in market cap following the launch could create new billionaires. To stay up to date on the project’s progress, follow us on social media. To participate in the $PEPU token presale, visit pepeunchained.com.
Related
- Pepe Unchained Presale Soars to Over $12 Million as Crypto Whales Bet Big on $PEPU’s Huge Growth Potential
- Can PeiPei Recover From Downturn As Whales Eye Pepe Unchained Presale?
Bonk technical analysis shows upside trend as $PEPU approaches $12.5 million presale milestone This article first appeared on ReadWrite
