The Rise of Meme Coins in the Crypto Space
Meme coins, such as BONK, are making waves in the cryptocurrency landscape, with analysts predicting that this could be the start of “dog season.” Recently, BONK’s price activity has shown a trend reversal after hitting bottom at $0.000001567 and gaining traction upward. Over the past week, BONK surged almost 20%, trading from $0.000001917 to nearly $0.00002395.
Key resistance levels for BONK include the 38.2% Fibonacci retracement at $0.382 and the 5% Fibonacci retracement at $25%. If it can break through these levels, analysts predict that BONK’s price will advance to either $35 cents or even hit a high of up to $48 cents or potentially even $7 cents in October. However, despite this promising outlook, there are potential setbacks and market volatility risks associated with meme coins like BONK.
