BONK worth prediction – How excessive can memecoin go if it clears THIS stage?

• BONK hit a well-known long-term roadblock. 
• Demand was flat throughout spot and Futures markets

Memecoins attracted nice market curiosity after Bitcoin’s [BTC] surge to $60k over the past 48 hours. Actually, on Saturday, the memecoin class was ranked second when it comes to Open Curiosity (OI), with a 6% hike in accordance with Coinglass. This may help the phase, together with Bonk [BONK]. 

Nonetheless, different memecoins like dogwifhat [WIF] and Pepe [PEPE] loved greater volumes than BONK. This might delay a powerful push for BONK, particularly because it hit a long-term roadblock on the charts. 

Can BONK clear this roadblock?

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

BONK’s restoration uncertainty was additional confirmed by the overbought circumstances flashed by the stochastic RSI (Relative Power Index) and impartial studying from the RSI. If BTC stays under $60k, the roadblock may set off one other BONK worth rejection. 

If that’s the case, a worth rejection on the impediment may drag the value to $0.000015 assist (marked cyan).

Nonetheless, BONK may see potential positive aspects of 16% if it breaks above the trendline resistance and surges to the provision zone above $0.000020. 

BONK demand stagnates

BONK’s OI declined from July’s excessive of $13 million and has been hovering under $10 million in August and September. This illustrated a decline in curiosity, adopted by flat demand from the Futures market. 

Other than the muted demand, the memecoin additionally noticed huge outflows in August and September from spot markets. This additional bolstered traders’ risk-off strategy and lack of sturdy demand from spot consumers.

Over the last seven buying and selling days, the memecoin has seen almost $8 million in outflows from centralized exchanges. 

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

If that’s the case, the quick assist space at $0.000015 may supply discounted buys for speculators eyeing a attainable market rebound from October. 

Disclaimer: The knowledge introduced doesn’t represent monetary, funding, buying and selling, or different forms of recommendation and is solely the author’s opinion.