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Why BONK Price Increase Could Come to a Halt

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BONK’s price is enjoying the bullishness of the broader market cues, but despite the massive rise, the future appears not so bright.

This is because the investors are exhibiting mixed signals at the moment, which could lead to a neutral-bearish outcome.

Bonk Investors Seem Unsure

BONK price is poised to witness a contraction as investors show slight bearishness. This can be seen in the money being pulled out of the Futures market, evidenced in the Open Interest.

Open interest refers to the total number of outstanding derivative contracts, such as options or futures, that have not been settled. In five days, BONK’s open interest dropped by 20% from $13.8 million to $11.1 million.

This $2.7 million decline shows investors are not keen on trading BONK, a bearish sign for the altcoin.

BONK Open Interest.
BONK Open Interest. Source: Coinglass

However, investors still hope for a rally despite money being pulled out of the Futures market. Their faith in the rise is evident in the still positive funding rate.

The funding rate is the periodic payment between long and short positions in a perpetual futures contract to maintain its price close to the underlying asset’s value. It reflects the balance of buying and selling pressure in the market.

Read More: Bonk Airdrop Eligibility: Who Can Claim and How?

BONK Funding Rate.
BONK Funding Rate. Source: Coinglass

The negative funding rate suggests that short contracts are dominating the market, while long contracts hint at positive contracts taking precedence. Such is the case with BONK as well, which could counter the bearishness from the declining open interest.

BONK Price Prediction: Sideways Is the New Uptrend

The BONK price, trading at 0.00003783, is slightly above the key resistance of 0.00003769. This is the closing price of the previous 2024 high when BONK reached 0.00004800 during the intra-day trading hours.

However, a close above this resistance is unlikely. Secondly, the above-mentioned factors might reduce the bullishness in the market, which could result in a consolidation. BONK could witness sideways movement between 0.00003769 and 0.00002811.

Read More: Best Upcoming Airdrops in 2024

BONK Price Analysis.
BONK Price Analysis. Source: TradingView

On the other hand, if either of the limits is breached, the neutral-bearish thesis would be invalidated. A breakout may push the BONK price to 0.00004500 and above, while a breakdown may bring the meme coin down to 0.00002200. 

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



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Rallies 10% and Targets More Upside

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Este artículo también está disponible en español.

Ethereum price started a fresh increase above the $3,220 zone. ETH is rising and aiming for more gains above the $3,350 resistance.

  • Ethereum started a fresh increase above the $3,220 and $3,300 levels.
  • The price is trading above $3,250 and the 100-hourly Simple Moving Average.
  • There is a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could gain bullish momentum if it clears the $3,385 resistance zone.

Ethereum Price Regains Traction

Ethereum price remained supported above $3,000 and started a fresh increase like Bitcoin. ETH gained pace for a move above the $3,150 and $3,220 resistance levels.

The bulls pumped the price above the $3,300 level. It gained over 10% and traded as high as $3,387. It is now consolidating gains above the 23.6% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high.

Ethereum price is now trading above $3,220 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,350 level. There is also a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD.

Ethereum Price
Source: ETHUSD on TradingView.com

The first major resistance is near the $3,385 level. The main resistance is now forming near $3,420. A clear move above the $3,420 resistance might send the price toward the $3,550 resistance. An upside break above the $3,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,650 resistance zone or even $3,880.

Another Decline In ETH?

If Ethereum fails to clear the $3,350 resistance, it could start another decline. Initial support on the downside is near the $3,300 level. The first major support sits near the $3,250 zone.

A clear move below the $3,250 support might push the price toward $3,220 or the 50% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high. Any more losses might send the price toward the $3,150 support level in the near term. The next key support sits at $3,050.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 zone.

Major Support Level – $3,250

Major Resistance Level – $3,385



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Rallies 10% and Targets More Upside

Published

on



Este artículo también está disponible en español.

Ethereum price started a fresh increase above the $3,220 zone. ETH is rising and aiming for more gains above the $3,350 resistance.

  • Ethereum started a fresh increase above the $3,220 and $3,300 levels.
  • The price is trading above $3,250 and the 100-hourly Simple Moving Average.
  • There is a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could gain bullish momentum if it clears the $3,385 resistance zone.

Ethereum Price Regains Traction

Ethereum price remained supported above $3,000 and started a fresh increase like Bitcoin. ETH gained pace for a move above the $3,150 and $3,220 resistance levels.

The bulls pumped the price above the $3,300 level. It gained over 10% and traded as high as $3,387. It is now consolidating gains above the 23.6% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high.

Ethereum price is now trading above $3,220 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,350 level. There is also a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD.

Ethereum Price
Source: ETHUSD on TradingView.com

The first major resistance is near the $3,385 level. The main resistance is now forming near $3,420. A clear move above the $3,420 resistance might send the price toward the $3,550 resistance. An upside break above the $3,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,650 resistance zone or even $3,880.

Another Decline In ETH?

If Ethereum fails to clear the $3,350 resistance, it could start another decline. Initial support on the downside is near the $3,300 level. The first major support sits near the $3,250 zone.

A clear move below the $3,250 support might push the price toward $3,220 or the 50% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high. Any more losses might send the price toward the $3,150 support level in the near term. The next key support sits at $3,050.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 zone.

Major Support Level – $3,250

Major Resistance Level – $3,385



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GOAT Price Sees Slower Growth After Reaching $1B Market Cap

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GOAT price has skyrocketed 214.29% in one month, recently breaking into the $1 billion market cap and securing its place as the 10th largest meme coin. It now stands just ahead of MOG, which closely trails its position in the rankings.

However, recent indicators suggest that GOAT’s uptrend may be weakening, raising questions about whether it can sustain its rally or face a potential correction.

GOAT BBTrend Is Negative For The First Time In 4 Days

GOAT BBTrend has turned negative for the first time since November 17, now sitting at -0.54. This shift suggests that bearish momentum is beginning to take hold, with the asset’s recent upward trajectory starting to weaken potentially.

BBTrend measures the strength and direction of price trends using Bollinger Bands, with positive values indicating an uptrend and negative values signaling a downtrend. A negative BBTrend reflects increased downward pressure, which could indicate the start of a broader market shift.

GOAT BBTrend.
GOAT BBTrend. Source: TradingView

GOAT has had an impressive November, gaining 61% and reaching a new all-time high on November 17.

However, the current negative BBTrend, if it persists and grows, could signal the potential for further bearish momentum.

GOAT Is In A Neutral Zone

GOAT’s RSI has dropped to 52, down from over 70 a few days ago when it reached its all-time high. This decline indicates that buying momentum has cooled off, and the market has moved out of the overbought zone.

The drop suggests a shift toward a more neutral sentiment as traders consolidate gains and the strong bullish pressure seen earlier subsides.

GOAT RSI.
GOAT RSI. Source: TradingView

RSI measures the strength and velocity of price changes, with values above 70 indicating overbought conditions and below 30 signaling oversold levels. At 52, GOAT’s RSI is in a neutral zone, neither signaling strong bullish nor bearish momentum.

This could mean the current uptrend is losing strength, and the price may consolidate or move sideways unless renewed buying pressure reignites upward momentum.

GOAT Price Prediction: A New Surge Until $1.50?

If GOAT current uptrend regains strength, it could retest its all-time high of $1.37, establishing its market cap above $1 billion, a fundamental threshold for being among the biggest meme coins in the market today.

Breaking above this level could pave the way for further gains, potentially reaching the next thresholds at $1.40 or even $1.50, signaling renewed bullish momentum and market confidence.

GOAT Price Analysis.
GOAT Price Analysis. Source: TradingView

However, as shown by indicators like RSI and BBTrend, the uptrend may be losing steam. If a downtrend emerges, GOAT price could test its nearest support zones at $0.80 and $0.69.

Should these levels fail to hold, the price could fall further, potentially reaching $0.419, putting its position in the top 10 ranking of biggest meme coins at risk.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



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