BONK aka Bonk Inu has been moving within a tight range for a while - it was on the sidelines and dragged while Solana made it's price moves. Now that the market is feeling comfortable with it's recent bullish turn -- whether that is a long term bull trend reversal or simply a bear market rally is to be seen -- money will start to flow to coins that have few bagholders. Bonk was an airdrop and those who wanted to sell it have sold most likely, those that haven't are likely waiting for prices that we haven't seen yet. It's clear on the chart that somebody is buying up those airdrop for no less than ~$0.0000007777. The boring period does come to an end at some point, and when it does I'm betting the price will be marked up. Price has been in an accumulation / consolidation zone since January 11th when a large holder pulled their liquidity from Orca.
Two resistance levels are shown on the chart - once Bonk blows past those, it's price discovery time. Do I hear "Bonk to $1!" in the distance?
$1? I know everything is posibile în crypto but does it have the power behind it to go that high!?
EnesSolhan
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@Balannich Max 10,20x from here in my opinion if we're lucky otherwise this coin is just HIT
SwallowPremium
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Did you also use any indicator or maybe news as well? Or was it just based on TA?
secousa
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@SwallowPremium primarily based on TA and experience in the crypto market. my usual chart has RSI and a few MAs on it, but neither helps paint the real picture for this coin
chupa_cupss
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did u use logarithmic scale?
secousa
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@chupa_cupss it’s linear scale. Logarithmic scale is useful and paints a much better picture, especially when you look at birdeye (it has the most history for Bonk)