Crypto Analyst: Bonk Positioned for Major Rally Ahead

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Recently, leading meme-based cryptocurrencies such as Shiba Inu (SHIB) and Pepe (PEPE) have been experiencing a notable rise in their values. This positive momentum seems to have influenced the Solana-based meme coin Bonk (BONK), with its price movements indicating a potential bullish breakout. In light of this, a cryptocurrency analyst has pointed out that Bonk is currently in an ideal position for a significant upward trend.

Analyst Sets Ambitious Target at $0.000033

Bluntz, a well-known crypto trader and analyst, has shared his bullish target for Bonk. In a post on X (formerly Twitter) dated September 30, he mentioned that Bonk is positioned for a “turbo green week.”

He noted that the meme coin had a swift and minor price correction during the week. However, the analyst views this price drop as favorable, suggesting it presents a chance for Bonk to shift into a notably bullish stance, potentially igniting a legendary rally.

By sharing a price movement chart for Bonk over the past month, Bluntz illustrated that the meme coin could see an accelerated price rise to new peaks. He projected that Bonk’s value would fluctuate between $0.000028 and $0.000027, subsequently retesting support between $0.000026 and $0.000025.

Following this, Bonk is anticipated to soar to $0.00003, before retracting to $0.000028. Bluntz predicts that during this projected turbo green week, Bonk will reach an impressive new high of $0.000033. He added that for Bonk to achieve a bullish breakout, the meme coin needs to undergo three days of crucial sideways trading.

Currently, Bonk is trading at $0.00002, reflecting a slight increase of 3.86% over the past week. To reach the anticipated high of $0.000033, the meme coin would need to appreciate approximately 65% from its current value.

BONK Poised to Outshine PEPE

While remaining optimistic about Bonk’s price prospects, Bluntz revealed that the meme coin may soon surpass Pepe in meme coin dominance. This indicates that as Bonk gains momentum, Pepe’s growth is slowing down after its recent surge in value.

The analyst has noted a “higher low” on the BONK/PEPE chart, suggesting that Bonk is gearing up for a more powerful price increase compared to Pepe. A higher low often occurs when a cryptocurrency experiences a pullback but maintains its price above a previous low, indicating a potential continuation of an upward trend.

In the case of Bonk, Bluntz mentioned that it is currently among leading meme coins such as Dogwifhat (WIF) and Pepe, both showing signs of strong bullish momentum. Despite this analysis, the cryptocurrency has seen a decline of over 10% in the last 24 hours.