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Why BONK Price Could Soon Reach the $0.000035 Mark

Published

5 hours ago

October 1, 2024

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Solana-based dog-themed meme coin Bonk (BONK) has seen its price increase by 37% in the last seven days. This development came after the broader market experienced a significant recovery, and other meme coin prices also jumped.

While some meme coins have seen their gains erased, BONK appears to be showing immense strength. As a result, the price could be set to go higher in the short term.

The Solana Meme Coin Stays Strong

With Bonk trading at $0.000024, the Awesome Oscillator (AO) on the daily chart supports a bullish outlook. The AO is a momentum indicator that compares recent price movements to historical trends, using a zero-line signal to determine whether momentum is bullish or bearish.

When the AO reading is below the zero line, momentum is bearish, and when it is above, momentum is bullish. Currently, BONK’s AO shows bullish momentum, suggesting that the recent sideways movement may soon lead to a significant upswing.

Bonk bullish momentum — Bonk Awesome Oscillator. Source: TradingView

Furthermore, the Bull Bear Power (BBP) aligns with this sentiment. The BBP shows the strength of buyers (bulls) and the strength of sellers (bears).

When the BBP climbs, bulls are in control, indicating that the price can increase. Conversely, if the BBP is negative, bears are dominant, and the price might drop if it intensifies. On the daily chart, BONK’s BBP is positive, suggesting that the price can go much higher than $0.000024.

Bonk bullish power increases — Bonk Bull Bear Power. Source: TradingView

BONK Price Prediction: The Rally May Continue

The daily chart shows BONK’s price nearing $0.000026, though it could encounter resistance at this level. With the current bullish momentum and dominance, the token may break through this region.

If successful, BONK’s short-term target could rise to $0.000030. However, this depends on whether bears can avoid pulling the price back to $0.000021.

Bonk Daily Price Analysis. Source: TradingView

If buying pressure intensifies, BONK’s price could rally toward $0.000035. Conversely, a drop in buying activity could invalidate this forecast, potentially pushing the Solana meme coin down to $0.000021.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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Market

Fantom (FTM) Price Aims for $1, Pushing 100 Million Tokens Into Profit

Published

31 mins ago

October 2, 2024

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Fantom (FTM), currently transitioning to Sonic (S), is one of today’s top market gainers, with its price rising by 8% in the last 24 hours.

As FTM climbs, indicators point to the potential for even greater gains. This analysis outlines the factors driving the token’s rise, key resistance levels to watch, and the potential benefits for investors.

Fantom Plan to Put Worried Holders Out of Pain

As of this writing, Fantom’s price is $0.75, meaning 53% of the total FTM holders are now in profits. However, according to the Global In/Out of Money (GIOM) Around Price, holders who are currently out of money might soon gain from the price appreciation.

The GIOM classifies addresses based on those making money at the break-even point and those in losses at the current price. Using an average on-chain cost basis, the indicator can tell how much volume can become profitable or otherwise, depending on the price action.

Also, the larger the clusters, the stronger the support or resistance. According to IntoTheBlock, about 25,230 addresses that accumulated FTM between $0.94 and $1.50 are currently holding over 100 million tokens at a loss.

Fantom price shows strong support — Fantom GIOM. Source: IntoTheBlock

However, with strong support of around $0.75, these addresses might soon be in the money, indicating that the volume in these regions could soon be valued at $75 million. Fantom’s Open Interest has also increased, suggesting that more money is flowing into FTM-related contracts.

Historically, whenever this happens when FTM’s price increases, the uptrend becomes stronger. Thus, it is likely that the token’s uptrend might continue, and FTM’s price could close in on the $1 mark.

Fantom (FTM) Open Interest — Fantom Open Interest. Source: Santiment

Interestingly, crypto trader Ansem also seems to align with the bullish bias. The trader, who has 503,900 followers on X, noted that the last quarter was for accumulation, while this new one will see FTM price trade much higher.

“FTM price action is a good indicator of the different regimes we are in now. March-> July: alts down only [-70-80%]. July -> September: sideways accumulation. currently, continuation without high timeframe retests is usually the beginning of aggro trend,” Ansem wrote.

FTM Price Prediction: Higher Values Only

On the daily chart, FTM’s price increased after a bullish inverse head-and-shoulders pattern formed. Currently trading at $0.75, BeInCrypto examined the Directional Movement Index (DMI) to support the continuation of the altcoin’s uptrend.

As the name implies, the DMI measures a cryptocurrency’s trend. At press time, the DMI (red) was down to 5.68, which indicates that sellers are not in control. On the other hand, the DMI (green) was higher at 2.08.

In addition, the Average Directional Index (ADX), which measures directional strength, has increased. At press time, the ADX (yellow) is 48.49, suggesting that Fantom’s price might continue to move up.

Fantom (FTM) Price Analysis — Fantom Daily Price Analysis. Source: TradingView

If validated, FTM’s price might surpass the $0.84 resistance in the short term. If that is the case, the altcoin’s next move could be to $1.01 and possibly $1.14. However, the token could pull back if the FTM holder’s book profits in large volume. If that happens, FTM could decline to $1.14.

The post Fantom (FTM) Price Aims for $1, Pushing 100 Million Tokens Into Profit appeared first on BeInCrypto.

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Market

Is the Altcoin Season Here?

Published

2 hours ago

October 2, 2024

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After closing at a two-year high of 58.41% on September 19, Bitcoin’s dominance (BTC.D) has initiated its downward trend, noting a 2% decline. Meanwhile, the combined market capitalization of all altcoins (TOTAL2) has surged, indicating a shift in investor sentiment.

However, this is not without a catch. TOTAL 2 has experienced a steady decline, signaling a slowdown in market activity as traders hold back, waiting for the catalyst to spark the anticipated bull run in the year’s final quarter.

Altcoin Season May Be Underway, But With Weak Momentum

TOTAL2 is currently at $927 billion at press time, climbing by 5% since BTC.D started to fall. This reflects the surge in demand for altcoins over Bitcoin in the past ten days.

However, TOTAL2’s momentum indicators signal that buying pressure has weakened over the past few days. This is driven by a slowdown in broader market activity as traders wait for a trigger to ignite the highly anticipated “Uptober.”

For instance, the size of the histogram bars in TOTAL2’s Moving Average Convergence/Divergence (MACD) indicator has gradually decreased over the past few days.

TOTAL 2 MACD — TOTAL2 MACD. Source: TradingView

While the MACD line (blue) remains above the signal line (orange), indicating that buying activity is outpacing selling pressure in the altcoin market, the shrinking size of the histogram bars typically signifies a weakening momentum in bullish trends.

Furthermore, the declining bars of TOTAL2’s Elder-Ray Index, which measures the strength of the bulls and bears in the market, support this position. Although this indicator has shown green bars, indicating that bulls are currently in control, the diminishing size of these bars suggests that buying pressure is weakening and that bulls are gradually losing their grip on the market.

total 2 elder-ray index — TOTAL 2 Elder-Ray Index. Source: TradingView

Altseason May Arrive Much Later

After spending 20 days below TOTAL2, the dots of its Parabolic Stop and Reverse (SAR) indicator flipped to the top during Monday’s trading session, signaling a shift in market sentiment. This reversal often indicates that the prevailing uptrend is losing momentum and that a downtrend could begin.

TOTAL 2 Parabolic Stop and Reverse. Source: TradingView

Moreover, according to data from Blockchain Center, the altcoin season commences when at least 75% of the top 50 altcoins outperform Bitcoin over a 3-month period. Currently, only 49 of these assets have surpassed Bitcoin’s performance in the last 90 days. Hence, the altcoin season has not yet arrived.

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Market

Solana Price May Outperform Bitcoin

Published

3 hours ago

October 1, 2024

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Solana is gearing up for a potential price surge against Bitcoin as the SOL/BTC pair inches closer to a bullish breakout. After a prolonged period of consolidation within a symmetrical triangle since March, SOL/BTC is making another attempt to rally past the upper resistance line.

A successful attempt will cause Solana to exchange hands at a multi-month high. This analysis explores the possibility of this happening.

Solana Seeks To Outshine Bitcoin

The SOL/BTC pair represents the exchange rate between Solana and Bitcoin. It currently stands at 0.0024, which indicates a 14% rally over the past 12 days.

When the SOL/BTC pair rallies, SOL’s value increases relative to BTC. This means that SOL holdings are becoming more valuable in terms of BTC.

A look at the SOL/BTC pair on a one-day chart reveals that it now trends toward the upper line of the symmetrical triangle it has traded within since March. When an asset trades within this pattern, its price fluctuates between two converging trend lines, forming resistance and support levels.

solana/bitcoin pair — SOL/BTC Pair. Source: TradingView

A breakout above this upper resistance would indicate that the bulls have overpowered bearish forces, confirming the potential for further price gains. The positive readings from the pair’s Balance of Power (BoP) suggest that this breakout may be likely in the near term.

The SOL/BTC BoP, which measures the relationship between buying and selling pressures in the market, is 0.8 at press time. When this indicator is positive (above zero), buying pressure is stronger than selling pressure within the market. It indicates there are more buyers than sellers, driving the price upward.

The pair’s Relative Strength Index (RSI) supports this bullish thesis. As of this writing, the RSI, which tracks oversold and overbought conditions in the market, is in an uptrend at 60.26. This signals that SOL accumulation is high among market participants, dwarfing all profit-taking efforts.

Solana Price Prediction: A Multi-Month High Is Imminent

The SOL/BTC pair could be driven to new highs if demand for Solana continues to outpace Bitcoin’s. Readings from the pair’s Fibonacci Retracement tool suggest that a successful break above the upper resistance line will push it to 0.0031, a level last seen on March 18.

Should this occur, SOL may trade above $200 for the first time in seven months.

SOL/BTC Pair and SOL/USD. Source: TradingView

However, if Bitcoin gains strength against Solana, causing the pair to decline, the attempt to break resistance could fail, and the pair may continue to trend within the descending triangle. In such a scenario, it might drop to support at 0.0021, bringing Solana’s price down to $133.58 if buying pressure weakens significantly.

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