BONK price prediction – How high can memecoin go if it clears THIS level?

  • BONK hit a familiar long-term roadblock. 
  • Demand was flat across spot and Futures markets

Memecoins attracted great market interest after Bitcoin’s [BTC] surge to $60k over the last 48 hours. In fact, on Saturday, the memecoin category was ranked second in terms of Open Interest (OI), with a 6% hike according to Coinglass. This can help the segment, including Bonk [BONK]. 

However, other memecoins like dogwifhat [WIF] and Pepe [PEPE] enjoyed higher volumes than BONK. This could delay a strong push for BONK, especially since it hit a long-term roadblock on the charts. 

Can BONK clear this roadblock?

BONKBONK

Source: BONK/USDT, TradingView

After BONK’s downtrend in Q2, the memecoin has struggled to clear its key long-term trendline support. The attempted recovery in July and August was reversed at the resistance. At press time, September’s relief rally re-encountered the roadblock at $0.000018.  

BONK’s recovery uncertainty was further confirmed by the overbought conditions flashed by the stochastic RSI (Relative Strength Index) and neutral reading from the RSI. If BTC remains below $60k, the roadblock could trigger another BONK price rejection. 

If so, a price rejection at the obstacle could drag the price to $0.000015 support (marked cyan).

However, BONK could see potential gains of 16% if it breaks above the trendline resistance and surges to the supply zone above $0.000020. 

BONK demand stagnates

BONK price predictionBONK price prediction

Source: Coinglass

BONK’s OI declined from July’s high of $13 million and has been hovering below $10 million in August and September. This illustrated a decline in interest, followed by flat demand from the Futures market. 

See also  Bitcoin is Gearing up for Another 15% Rally, Will BTC Price Range Back to $70,000 This Weekend?

Apart from the muted demand, the memecoin also saw massive outflows in August and September from spot markets. This further reinforced investors’ risk-off approach and lack of strong demand from spot buyers.

During the last seven trading days, the memecoin has seen nearly $8 million in outflows from centralized exchanges. 

BONK price predictionBONK price prediction

Source: Coinglass

The muted demand could weigh BONK and complicate bulls’ prospects of clearing the long-term hurdle. 

If so, the immediate support area at $0.000015 could offer discounted buys for speculators eyeing a possible market rebound from October. 

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

Next: Assessing the impact of USDT supply on TON hitting $729M in 4 months

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