It has been a positive 24 hours for Bonk (BONK) holders, with the token increasing in value by over 6% to $0.0000109. Although BONK price has pulled back slightly from this high, several top traders believe the token could be gearing up for further upside.
Meanwhile, the Sponge V2 meme coin (SPONGE) is also continuing its impressive initial momentum, up 15% since its migration to Polygon earlier this week.
Bullish technical data leads to sharp rebound for BONK
BONK’s price rise appears to stem from the token’s rejection of support around $0.0000098.
This support level has held four times since early December, indicating a significant volume of buy orders in the area.
The last time BONK touched $0.0000098 was on January 22 – just before the token’s price increased by 29%.
BONK holders are hoping a similar scenario plays out here, with the price now above the 50-day exponential moving average (EMA) on a 4-hour time frame.
However, spot trading volumes for BONK have fallen over the past 24 hours.
This contradicts BONK’s positive price action, but could be explained by sellers not being willing to sell at the current value of the token – suggesting that the token could rise.
A potential near-term target for BONK could be the wicks around $0.000012, tested during the last week of January.
These wicks would likely align with the 50-day EMA on the daily chart, which could also serve as a dynamic resistance level for BONK.
Top Crypto Analysts Predict Further Upside for BONK
BONK’s recent price action has caught the attention of several prominent traders on Twitter.
For example, MoonTA released a daily and 4-hour price chart for BONK, showing the price breaking out of a large triangle.
This trend also aligns with the strong support level located around $0.0000098.
As such, MoonTA believes that BONK’s current price action looks “insanely good.”
MoonTA’s bullish prediction was supported by analysis from Cryptoninja.eth, which also highlighted the large triangle pattern as a potential upside catalyst.
If BONK breaks out of this trend, Cryptoninja.eth would set a very optimistic price target of $0.000033, a 205% increase from the token’s current value.
Overall, these positive predictions for BONK from top traders indicate that market sentiment towards the token could turn bullish, paving the way for a few strong days ahead.
Sponge V2 increases by 15% after polygon migration and provides a high yield staking opportunity
While members of the crypto community are giving bullish predictions for BONK, another meme coin has been making waves in the market – Sponge V2.
This new iteration pays homage to the beloved SpongeBob character and looks to build on the legacy of its predecessor.
The original Sponge token (SPONGE) captivated the crypto market in May 2023, reaching an impressive market cap of $100 million at its peak and producing exponential returns for early investors.
To improve security and efficiency, Sponge creators this week accelerated the planned migration to a Polygon-based version of Sponge V2.
This transition promises lower transaction fees and improved scalability – which will likely be vital once the planned Play-to-Earn (P2E) game is released.
Since its move to Polygon, SPONGEV2’s value has climbed over 15%, with the token now trading around $0.00093.
DEXTools.io data shows that SPONGEV2 has a market cap of over $37 million and continues to rise hourly.
Unsurprisingly, this impressive debut on Uniswap has generated huge buzz in the Sponge Telegram community, with members actively discussing whether this could be the next coin to break out.
Alongside the token’s recent price performance, community members are also excited about the staking rewards on offer, which currently stand at over 2,200% annually on the Polygon network.
Although the yield decreases as more tokens are staked, this still provides a very attractive incentive for investors to hold onto their SPONGEV2 for the long term.
With plans to list on “bigger and better” exchanges and P2E gaming still to come, the future looks bright for this brand new coin project.
Visit the Sponge V2 website
DISCLAIMER: THIS IS A SPONSORED ARTICLE