Crypto analyst Sheldon The Sniper believes that the meme coin BONK is showing signs of a potential breakout and is currently in an accumulation zone. If BONK breaks above a key weekly trendline, it could see significant gains. Increasing activity in the BONK derivatives market, with higher trading volume and open interest, supports this bullish outlook. However, long/short ratios across different exchanges indicate mixed sentiment among traders. The BONK/USDT daily chart shows a bearish trend but also the potential for gains if there is a breakout above the trendline. The price of BONK is currently $0.000018, with ongoing interest and activity in the market. The BONK derivatives market has seen increased activity, with rising trading volume and open interest. There is a disparity in the long/short ratios across exchanges, indicating differing market sentiments. Liquidation data shows ongoing volatility as traders balance potential gains and losses. Experts predict a maximum trading value of around $0.000026 for BONK in 2024. AmiCatCrypto, a swing trader, expresses a bullish outlook on BONK and suggests entering a long position now rather than waiting for a breakout.



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