- BONK surged by 25.95 in the last seven days.
The recent surge positioned BONK to reach $0.000025 level.
As a seasoned crypto investor with years of experience in the market, I’m excited about the recent surge in BONK‘s price. After a long and challenging period of decline, it’s refreshing to see this memecoin showing signs of life once again.
I, as an analyst, observe that the cryptocurrency market is on the mend following a prolonged slump, leading to a surge in altcoins. At present, Bitcoin [BTC] is trading at $62k, representing a 2.11% rise over the past 24 hours.
As a crypto investor, I’ve noticed an impressive rally in the market lately, causing altcoins to regain their footing once more. Meme coins, in particular, have experienced a significant upswing.
As a crypto investor, I’ve noticed an exciting development with the memecoin Bonk (BONK). Despite facing a challenging period with a 2-month slump in trading volume and 6 months of stagnation, it managed to bounce back strongly, surging by an impressive 25.95%.
At the moment of composition, BONK was priced at $0.00002369 following a 6.74% increase within the last 24 hours. Simultaneously, its trading volume experienced a significant surge by approximately 50.90%, reaching a value of $177 million.
According to CoinMarketCap, BONK’s market cap has increased by 6.4% to $1.61B in 24 hrs.
Prevailing market sentiment
After a six-month slumber, I observe that the BONK market is showing signs of revival. This renewed activity has rekindled market enthusiasm, leading analysts to forecast an uptrend in prices.
In a recent post on his crypto analysis account, Freedom By 40 expressed his positive outlook regarding X.
“$BONK small time frame update. Going to be a good July imo for BONK”.
Another analyst, @father_gra22943, predicted an upcoming bull run, saying,
“$bonk is set and ready for a run-up.”
The market sentiments, as evidenced by these conjectures, were reflective of the current market outlook. Similarly, according to AMBCrypto’s market sentiment assessment through Market Prophit, there was a generally optimistic disposition in the market at that moment in time.
Based on Prophit’s analysis, the public attitude was favorable with a score of 0.03, the buzz level surpassed zero at 0.04, and the Prophit measurement stood at 0.25.
What BONK fundamentals indicate
The analysis conducted by AMBCrypto on the DMI (Directional Movement Index) indicated that the upward trend in the market was gaining strength as of the current moment. Specifically, the average directional index (ADX) value stood at 16.86, surpassing the negative directional index’s value of 15.73.
As an analyst, I would interpret BONK‘s Divergence Moving Average (DMI) being in its current condition as a bullish sign. This suggests that purchasing power had overtaken the selling pressure in the market at the given moment.
Additionally, the On Balance Volume (OBV) line exhibited an uptrend, implying that more buying power was at play during up days compared to down days.
The Money Flow Index (MFI) for BONK was at 54, having climbed up from a previous low of 49. This signified a persistent upward trend for the stock. The escalating MFI readings suggested an intensifying buying activity following a prolonged phase of selling pressure.
Thus, it’s a reversal from bearish to bullish.
As an analyst, I delved deeper into the data provided by AMBCrypto’s analysis on Coinglass. I noticed a trend where long positions experienced fewer liquidations since the 25th, indicating less selling pressure. Conversely, there were more short position liquidations during the same period, suggesting increased buying pressure from traders betting on a price decrease.
On June 25th, the value of short positions in liquids amounted to $262,400, whereas long positions stood at $60,600. At the moment of press, short positions held a value of $9,400, while long positions were valued at $2,300.
Investors who had wagered against the market saw losses, while those with long positions profited and even initiated new investments.
In the past week, the amount of cryptocurrency held by whales has risen from $53 million to $56.6 million. This growth indicates that these large investors are optimistic about the crypto’s future trajectory.
Thus, whales hoped to sell in profit, which was a bullish signal.
Can BONK maintain the uptrend?
As of now, the price of BONK was at $0.0000238, representing an 8.46% increase in its daily trading. The rising trends of MFI and DMI indicators suggest that BONK may establish a robust upward trend if these tendencies persist.
Is your portfolio green? Check the Bonk Profit Calculator
Should the $0.000022 mark serve as a strong support on the daily charts and the price manages to finish an trading day above $0.00002394, it’s likely that BONK will attain a value of $0.000025.
If the market goes through a correction instead, the price will drop down to the crucial support levels of $0.000022 and $0.00002151 respectively.
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2024-07-02 04:08