Bonk: “We’re in a great position for Turbo Green Week”

As the ‘Uptober’ begins, Bonk continues its bullish rally, sparking bullish sentiment among investors following fears of a recent big pullback. The memecoin sensation has started its fourth quarter journey on a positive note, regaining significant levels and investors and crypto analysts expecting a weekly close in the green.

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BONK ends the third quarter with a 13% jump

Bonk has had an impressive performance over the past two weeks, rising 60% since September 15th. Memecoin broke a multi-month downtrend line after successfully reclaiming the $0.000022 resistance level last Friday, posting a 38% rise over the past week.

Additionally, the dog-themed sensation ended the month 48% higher than its opening price, returning to pre-Black Monday levels in August. The token has also risen 13% since the start of the third quarter and was trading at around $0.000025 at the start of October.

This bullish price action briefly pushed BONK’s price above $0.000026 before returning to the $0.000024 support level, which some believe is a very bullish signal for the token’s future price action. There was also

According to cryptocurrency trader Astekz, the monthly collection amount of BONK is meaning “Any consolidation” above the breakout level is “giga bullish”. Additionally, the token has seen a 13% increase in daily market activity over the past day, with daily trading volume of $795.3 million.

Are you preparing for “Turbo Green Week”?

Crypto Analyst Mr. Brandts noticed That said, along with all the powerful meme coins, BONK has “quickly” recovered from its weekly decline after a “perfect abc pullback.” This performance places the memecoin in “best position heading into Turbo Green Week,” which he further predicted after Monday’s performance.

For Brandts, BONK is nearing a breakout after three days of sideways action. Additionally, the token has regained its 200-day moving average (DMA), which has been above it for the past day.

Traders thought that the token’s next parabolic move could be “sustained” and target the $0.000035 resistance level soon. Other market participants echoed this sentiment, emphasizing BONK’s strength during the recent downturn.

Another analyst pointed out that meme coins have the following characteristics: Moved It has been within a large symmetrical triangle since the all-time high (ATH) in March. The trader elaborated that since forming a triple bottom at $0.000016, the token’s price has been approaching the resistance of the pattern.

Breaking out of the multi-month pattern could see the token price rise 70% towards its previous ATH of $0.000045. Additionally, some investors believe that cryptocurrencies may be positively impacted by this “uptober” market-wide performance.

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Last October, the cryptocurrency began a massive rally that shaved two zeros off the token price, ending the third quarter of 2023 at $0.00014, a 6,900% jump. However, BONK recorded a price decline in the past few hours as Bitcoin fell to $62,000.

At the time of writing, Memecoin is trading at $0.00023, down 2.9% on a daily basis.

Featured image from Unsplash.com, chart from TradingView.com