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- At press time, Bonk led the gains of the top 100 cryptocurrencies by market capitalization.
- Open interest in Bonk futures was at its highest level since early August.
Crypto market sentiment is turning bullish after Bitcoin (BTC)’s recent uptrend, boosting overall market momentum.
Over the past 24 hours, memecoins have taken center stage, suggesting a potential memecoin season.
Leading the list of gainers among the top 100 cryptocurrencies by market capitalization is Bonk (BONK), up 3.8%, followed by Dogecoin (DOGE) with an increase of 3.2%.
Ripple (XRP) also saw a 3.2% gain, while dogwifhat (WIF) and Popcat (POPCAT) rounded out the top five.
Source: CoinGecko
Memecoin not only led in terms of percentage gains, but also surpassed Sei (SEI), a layer 1 blockchain, in terms of market capitalization. This development highlights Bonk’s long-term growth potential.
BONK consolidating in a symmetrical triangular pattern
Bonk price action is currently showing strong bullish momentum, raising the question of whether BONK/USDT will break out and move higher heading into the final quarter of the year.
This period is historically bullish for the cryptocurrency market.
The pair is trading within a large symmetrical triangle, with price approaching resistance in this pattern.
The symmetrical triangle, which has formed since the beginning of the year, indicates that traders and investors have accumulated significant amounts of Bonk. The potential for a breakout appears imminent.
Previously, the pair formed a triple bottom at the $0.000016 area, a trend that usually signals a reversal.
Source: TradingView
This triple bottom was confirmed by a break above the neckline, but a break above upper resistance is crucial for the bullish scenario to come true.
Several indicators support the idea that Bonk could break out and recover. For example, the MACD has turned completely bullish, with the histogram bars indicating increased buying momentum.
This further reinforces the bias that it could break above resistance and pump significantly.
If a breakout occurs, traders could see a potential return of over 70%, from the breakout zone to BONK’s all-time high.
The futures market shows growing interest
Examining Bonk futures open interest across exchanges reveals growing interest in the token as its price action strengthens.
Read Bonk (BONK) Price Prediction 2024-2025
Since the beginning of August, Bonk Open Interest has reached new highs this week, marking the highest values in the last two months.
Source: Coinglass
This growing open interest further supports the possibility of a major breakout for Bonk, as more traders and institutions take interest in its price movements.
