It’s been a positive 24 hours for Bonk (BONK) holders, with the token’s value rising over 6% to hit $0.0000109. Although BONK’s price has pulled back slightly from this peak, several high-profile traders believe the token could be gearing up for another upward leg.
Meanwhile, fellow meme coin Sponge V2 (SPONGE) is also continuing its impressive early momentum, rising 15% since migrating to Polygon earlier this week.
Bullish Technicals Lead to Sharp Bounce for BONK
BONK’s price pump appears to stem from the token’s rejection of support around $0.0000098.
This support level has held firm four times since early December, indicating a large volume of buy orders in the area.
The last time BONK tapped $0.0000098 was on January 22 – immediately before the token’s price surged by 29%.
BONK holders will be hoping a similar scenario plays out here, with the price now above the 50-day exponential moving average (EMA) in the 4-hour time frame.
However, spot trading volumes for BONK have dropped in the past 24 hours.
This contradicts BONK’s positive price action but could be explained as sellers unwilling to sell at the token’s current value – hinting at a belief that the token could move higher.
One potential near-term target for BONK could be the wicks around $0.000012, tested in the last week of January.
These wicks would likely align with the 50-day EMA on the daily chart, which may also act 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 high-profile traders on Twitter.
For example, MoonTA posted a 4-hour and daily price chart for BONK, showing that the price is breaking out of a large triangle pattern.
This pattern 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 backed up by analysis from Cryptoninja.eth, who also highlighted the large triangle pattern as a potential upside catalyst.
If BONK were to break out of this pattern, Cryptoninja.eth set a highly optimistic price target of $0.000033 – a 205% increase from the token’s current value.
Overall, these positive forecasts for BONK from top traders indicate that market sentiment towards the token may be shifting bullish, setting the stage for a strong few days ahead.
Sponge V2 Surges 15% After Polygon Migration & Offers High-Yield Staking Opportunity
As crypto community members give bullish forecasts for BONK, another meme coin has been making waves in the market – Sponge V2.
This new iteration pays homage to the beloved SpongeBob SquarePants character and looks to build on the legacy of its predecessor.
The original Sponge (SPONGE) token captivated the crypto market in May 2023, surging to an impressive $100 million market cap at its peak and producing exponential returns for early investors.
To enhance security and efficiency, the Sponge creators expedited the planned migration to a Polygon-based version of Sponge V2 this week.
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 moving to Polygon, SPONGEV2’s value has soared over 15%, with the token now trading around $0.00093.
DEXTools.io data shows that SPONGEV2 boasts a market cap of over $37 million and continues to rise by the hour.
Unsurprisingly, this impressive debut on Uniswap has led to enormous buzz in the Sponge Telegram community, with members actively discussing whether it could be the next meme coin to break out.
Alongside the token’s recent price performance, community members are also hyped about the staking rewards on offer, which currently stand at over 2,200% per year on the Polygon network.
Although the yield will decrease as more tokens are staked, this still provides a highly attractive incentive for investors to hold their SPONGEV2 long-term.
With plans to list on “bigger and better” exchanges and the P2E game still to come, the future looks bright for this brand-new meme coin project.
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