Analyst’s Insights on BONK Coin and Ethereum’s Market Movements

You can also read this news on COINTURK NEWS: Analyst’s Insights on BONK Coin and Ethereum’s Market Movements

Over the past month, BONK has frequently been mentioned due to its pullback, continuing to unsettle investors. At one point on the Coinbase listings, BONK even surpassed Dogecoin in trading volume, drawing attention to the comments of a famous analyst.

BONK Coin Comments

The well-known cryptocurrency analyst Altcoin Sherpa recently shared an eye-catching analysis on social media platform X. He mentioned that Bonk (BONK) could follow the dead cat bounce price pattern, which is a term used in finance to describe a small, short recovery movement in the price of a falling asset.

BONK: I think some sort of dead cat bounce is coming. When this happens, I expect other SOL memecoins to have a sort of mini-run; it will be good times to get out of your bags. I believe BONK will make a strong comeback, but it may take some time and more time is needed for the accumulation to form a base. I’m watching this for now.

Looking at the analyst’s shared chart, it is predicted that Bonk could drop below the $0.00000989 level, bounce to around $0.0000170, and then move back below the $0.00000989 level. The trader also notes that other memecoins will likely follow Bonk’s trend similarly. Additionally, he suggests that BONK may likely start an uptrend next year.

There’s a bit more to emphasize in the last article: This will eventually reach a +50% (or more) move. I don’t know where and when this will happen, but usually, these types of coins have some sort of lower peak. Look at PEPE earlier this year…

This will probably be a good time to exit BONK and other Solana meme coins. When BONK experiences a dead cat bounce, others will inevitably follow, but ultimately there will be lower highs. Hold at your own risk. Will this make a big run in 2024? Probably. But I think it needs time to cool off. Remember, we’re playing the attention game, and all this depends on general rotations and which coin is on everyone’s mind (for now).

At the time of writing, Bonk was trading at $0.0000137, reflecting a 7,427% gain since its rise from the $0.000000182 level seen on October 19.

The Analyst’s Comments on Ethereum

The analyst also focuses on Ethereum and emphasizes his belief that ETH will soon surpass the $3,000 level. Recently, Bitmex exchange co-founder Arthur Hayes also indicated that he sold his SOL holdings to switch to ETH.

Altcoin Sherpa made the following comment about ETH:

ETH continues free trading up to $3,000.

Looking at Ethereum’s price review, it experienced a slight increase in the last 24 hours and continues to trade at the $2,352 level as of writing. Notably, ETH’s daily trading volume has increased by 25% and surpassed the $16 billion mark.