Lately, top meme based cryptocurrencies like Shiba Inu (SHIB) and Pepe (PEPE) have been witnessing a spike in their prices.
This bullish trend appears to have extended to Solana based meme coin Bonk (BONK), as its price movements has been showing signs of an impending bullish surge.
With respect to this, a crypto analyst has suggested that Bonk is currently well-positioned for a significant upward movement.
Bluntz, a prominent crypto trader and analyst has revealed the next bullish target for Bonk.
In an X (formerly Twitter) post on September 30, Bluntz revealed that Bonk is currently in a prime position for a”turbo green week.”
He disclosed that the meme coin had experienced a quick and minor price dip during the week.
However, the analyst sees this price decline as a positive sign, suggesting that it creates an opportunity for Bonk to enter a significantly bullish position, potentially triggering a legendary rally.
Sharing a chart depicting Bonk’s price movements from the past month, Bluntz indicated in his price chart that the meme coin could experience an accelerated price increase to new highs.
Presenting an illustration of his predictions of Bonk’s future price movements, the analyst disclosed that the meme coin would rise between the range of $0.000028 and $0.000027 before falling to the support level between $0.000026 and $0.000025.
After this, Bonk is expected to skyrocket to $0.00003, before dropping back to $0.000028. For his final price surge in his projected turbo green week, Bluntz revealed that Bonk will reach a new price high of $0.000033.
The analyst also revealed that for Bonk to experience a bullish price breakout, the meme coin will have to undergo three days of essential sideways trading.
Presently the price of Bonk is trading at $0.00002, reflecting a slight increase of 3.86% in the past week.
A jump to projected highs at $0.000033 would require the meme coin to rise by approximately 65% from its current price.
While maintaining an optimistic outlook on Bonk’s price, Bluntz disclosed that the meme coin may be taking out the meme coin leadership from Pepe.
This suggests that as Bonk is gaining more momentum, Pepe’s performance is slowing down after experiencing a significant price increase.
The analyst has identified a “higher low” on the BONK/PEPE chart, which indicates that Bonk is positioning itself for a stronger price rally than Pepe.
Typically, a higher low occurs when the price of a cryptocurrency pulls back but maintains its value above its previous low level, signaling a potential continuation of an uptrend.
In the case of Bonk, Bluntz has revealed that it is currently among top meme coins like Dogwifhat (WIF), and Pepe which are presently showing signs of a strong bullish development.
Despite this analysis, the cryptocurrency has declined by over 10% in the past 24 hours.
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