Why does this model suggest that BONK could increase by 72%?

Bonk (BONK) increased slightly by 0.3% in the past day. During this period, only Fartcoin (FARTCOIN) and SPX6900 (SPX) performed better than BONK.

The growth surge occurred after BONK broke out of a two-month consolidation phase. A descending wedge pattern began to form since the peak on July 17 at a price of $0.00004041.

The momentum of BONK is shifting to a bullish trend

At the time of writing, BONK is trading on the SuperTrend line after bouncing up from the bottom of $0.00001913 on September 5th. The inverse head and shoulders pattern has confirmed the reversal.

In addition, the MACD indicator has also shifted to the positive zone, indicating that buying pressure is increasing.

Source: TradingViewThis memecoin is gradually reaching the peak of the price model, with a target set more than 96% above the initial breakout level.

From the current position, there is still room for an increase of about 72%. However, buying in at this time seems quite risky, as prices tend to adjust after such strong rebounds.

Price action can also return to the breakout level for a retest. The ability to maintain the upward momentum depends on whether the price can hold above the pattern.

Trading volume of BONK surges

The amount of BONK tokens transferred and received has skyrocketed to 625 billion as the price breaks out. The top 100 wallets have increased their holdings by an additional 0.64%.

Meanwhile, the supply on the exchange has decreased to 57.45 trillion BONK, equivalent to about 0.54%. The exchanges currently hold about 65% of the total supply.

Source: NansenEven so, the Distribution Score ( remains at 14 at the time of writing, indicating a high concentration but a slight improvement has been made. The top 100 wallets are controlling 44% of the supply.

USD1 launches amid impending interest rate cuts

Meanwhile, World Liberty Finance )WLFI( has introduced the USD1 stablecoin on the BONK launchpad for the Solana blockchain )SOL(. Revenue from the launch will be used to burn BONK.

This information has also attracted the attention of the crypto community, especially as the Trump family's digital asset projects continue to gain traction.

With the Federal Reserve )Fed( preparing to announce its interest rate decision next week, recent hints from Jerome Powell have sparked speculation about a market shift.

If the crypto market in general responds positively, BONK seems to be in a good position to become one of the leading memecoins in the next breakout phase.

Dinh Dinh