BONK Price Analysis for January 11

BONK Price Analysis for January 11

Thu, 11/01/2024 – 18:00

BONK Price Analysis for January 11
Cover image via www.tradingview.com

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Most of the cryptocurrencies have followed the sharp rise of Bitcoin, according to CoinStats.

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BONK chart by CoinStats

BONK/USD

The rate of BONK has rocketed by 26% over the last day.

Image by TradingView

On the hourly chart, the price of BONK has made a false breakout of the local resistance level of $0.00001708. If the daily bar closes far from that mark, one can expect a local correction to the $0.0000160 area.

Image by TradingView

On the bigger time frame, the growth of BONK continues. Thus, the volume also rises, which means that buyers keep controlling the situation on the market. 

If today’s bar closes above yesterday’s peak, one can expect a test of the resistance soon.

Image by TradingView

From the midterm point of view, bulls have seized the initiative as the candle is about to close above the previous one. If that happens, an upward move is likely to continue to the $0.00001930 level.

BONK is trading at $0.00001722 at press time.

Published at Fri, 12 Jan 2024 01:02:00 +0100

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