Bitcoin smashed a new ATH at $94,000 a few moments ago but failed to trigger the entire crypto market. This could be probably due to the rising dominance of Bitcoin. Regardless of the ongoing sell-off, which has slashed the BTC price to $92,500, some of the altcoins have been fighting the bearish activity. Memecoins like Brett (BRETT) & Bonk (BONK) have been leading the rally since the early trading hours, which is expected to keep up the elevated trend for long.
The memecoin Bonk has recorded a huge influx of buying volume in the past few days, which helped the token to print massive green candles. Although the bears tried to claim some dominance, the growing market sentiments helped the bulls to hold a tight grip over the rally. Now that the token is leading the top gainers, it would be interesting to watch whether the BONK price holds a bullish trend in times of growing bearish activity.
As seen in the above chart, the BONK price rally has hit a new ATH at $0.00005916, which attracted bearish activity, but the bulls managed to hold the rally above $0.000055. The recent rounds of Bonk’s DAO burning 1 trillion tokens may have boosted the rally. This, coupled with the Golden Cross, could keep growing and reach 1.2 FIB at $0.00005817, which may act as a strong base for further price action, reaching the higher target above $0.000007.
After the recent price action, the BRETT price is an inch close to its high at $0.19, which is just 9% away from the current levels at $0.17. The rising market sentiments suggest that the price is set to mark a new ATH above $0.2 in a short while from now, which could attract significant bearish action for a while.
As soon as the price reclaimed the levels above the ascending trend line, the bulls triggered a strong bull run. Although they appear to have fallen short of strength as the token failed to form a new ATH, the momentum remains in favour, suggesting a fresh breakout could be nearby. In the meantime, the +Di of DMI displays a bearish divergence, but the OBV remains elevated. Therefore, the BRETT price could just hit the support zone at around $0.15 and further trigger a huge upswing to reach above $0.2.
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