BONK gains 15% with bullish signs suggesting more growth
BONK (CRYPTO:BONK) has experienced strong momentum, rising by over 38% in the past week.
The meme coin was trading at $0.00002507, reflecting a significant surge in interest as its market capitalisation had increased from $1.2 billion to $1.8 billion.
According to CoinMarketCap, trading volumes for BONK saw a remarkable 272% increase within 24 hours, signaling increased market engagement.
This rally aligns with gains seen in other meme coins like Dogecoin (CRYPTO:DOGE) and Shiba Inu (CRYPTO:SHIB), indicating a broader trend in the meme coin market.
On the technical front, BONK’s one-day chart displays a bullish crossover, with the 50-day Simple Moving Average (SMA) surpassing the 100-day SMA.
This crossover, combined with a bullish candle, underscores the strength of BONK’s upward movement.
The Relative Strength Index (RSI), currently at 65, points northward, suggesting robust buying pressure.
If this momentum continues, BONK could advance by another 32% to reach the 1.618 Fibonacci level at $0.00003447.
However, the derivatives market reflects mixed sentiment.
While trading volumes have surged over 167% to $198 million, open interest has declined, signaling cautious positioning by futures traders due to potential volatility.
Data from Coinglass indicates a long/short ratio of 0.95, showing a slight preference for short positions.
Long liquidations have amounted to $293,000, compared to $194,000 for short liquidations in the past 24 hours.
This indicates some scepticism among traders about the sustainability of the current uptrend.
Despite the mixed signals, the broader positive sentiment surrounding Solana-based (CRYPTO:SOL) meme coins could bolster BONK’s growth.
CoinGecko data highlights a 20% increase in the total market cap of Solana-based meme coins over the past 24 hours, now exceeding $15.87 billion.
This backdrop suggests that BONK may continue its rally if market optimism holds.
At the time of reporting, the Bonk (BONK) price was $0.00002552.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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