Bonk's BONK/USD recent relative strength in a downtrending market caught the attention of prominent traders, who are eager to see more upside if market conditions improve.
What Happened: Prominent trader Cold Blooded Shiller pointed out Bonk’s strength on the daily chart. In a Monday social media post, he added that it was rejected once from the major resistance point for it but predicted “good value” for traders.
Crypto trader Mayne also highlighted Bonk’s strength in comparison to Dogwifhat:
Millionaire trader ‘Bonk guy’ pointed to Bonk’s recent strength, anticipating more upside in the coming months.
Yet another heavily followed crypto trader tweeted that Bonk “has confirmed a bullish market structure reversal around a macro support level, which is a positive sign.” He stated that upside potential is “huge,” but traders should avoid chasing a green candle and wait for a higher low.
Also Read: What Is Going On With The ‘Shiba Inu On Solana’ BONK?
Why It Matters: Coingecko data shows a 17.6% gain over the past two weeks for Bonk, leaving behind meme coin leaders like Dogecoin DOGE/USD, Shiba Inu SHIB/USD and Dogwifhat WIF/USD with performances of -8%, -2% and +2.5%, respectively.
Last week, Bloomberg reported citing sources close to the matter that Robinhood is likely to offer cryptocurrency futures in the U.S. and Europe in the upcoming months, which may include Bonk.
What’s Next: The influence of meme coins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next:
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
