Cryptocurrency Enthusiasts Monitor BONK and PENGU for Strategic Insights

The memecoin BONK, operating on the Solana $148 network, has caught the attention of cryptocurrency enthusiasts with its impressive performance in recent weeks. A well-known crypto strategist noted that despite BONK’s current 60% increase, its upward trajectory is not yet complete, suggesting that technical indicators may point to further price increases in the coming days.

BONK Chart Sends Positive Signals to Traders

Sharing insights through social media, the strategist highlighted that BONK’s breakthrough of the critical resistance level at $0.0000142 indicates an upward target near $0.0000262. The exit from a consolidation area on the technical charts was emphasized as a strong bullish sign, with minor price corrections potentially creating new buying opportunities.

The strategist urged traders to follow any downturns, stating, “BONK could rise much higher; I hold some and am considering increasing my position during small dips.”

Critical Period for Pudgy Penguins Token PENGU

In contrast, caution was advised for the local token PENGU from the NFT project Pudgy Penguins, which has experienced significant value losses in recent months. For PENGU to continue its upward movement, it must establish a lasting support level around $0.0065, as failure to do so could see the token drop to $0.004.

If PENGU manages to recover, there is a high chance it could rise to $0.014. The strategist noted, “Altcoins like PENGU have been struggling for a while, but there are currently some positive signs. The formation of a new low is critically important,” warning investors to remain vigilant.

Looking at the overall state of the altcoin markets, the strategist pointed out the continuing long-term downtrend. They cautioned that recent short-lived rises could quickly reverse, emphasizing that market uncertainties must not be overlooked. The overall weakness within the structure has not yet completely dissipated, but potential major declines could offer buying opportunities.

The strategist’s analyses indicate that while there are signs of partial recovery in the cryptocurrency market , it’s essential for investors to approach with caution. Although technical indicators for BONK and PENGU appear positive, the overarching market uncertainty persists, highlighting the need for careful decision-making regarding investments.