- BONK has surged by 13.65% in 24 hours.
Fundamentals suggested that the weekly decline was likely a pullback.
As a seasoned analyst with years of experience under my belt, I have seen my fair share of market trends and fluctuations. Today, I am particularly intrigued by the surge in BONK, a memecoin that has been making waves in the cryptosphere.
In the last day, memecoins have seen an enormous rise. During this upswing, Bonk (BONK) didn’t miss out. Following a significant drop over the previous week, BONK has made a huge comeback in the past 24 hours.
Currently, the value of BONK stands at 0.00002289 USD. Over the past month, this represents a significant rise of 41.66%, and in the last day alone, there’s been an additional 13.65% increase, further reinforcing its bullish trend.
The trading volume for this memecoin saw an extraordinary increase, jumping up by approximately 107%, reaching a total of $253.14 million. Additionally, its market capitalization has grown by about 12.14%, now standing at $1.64 billion as reported by CoinMarketCap.
Prior to these gains, BONK had been in a downtrend, declining by 6.47% over the past week.
In light of current market trends, it’s worth considering if BONK might be poised for a prolonged period of growth.
Based on AMBCrypto’s examination, it appears that the memecoin BONK is currently being widely favored in the market, as suggested by Market Prophit’s findings.
The general mood among the crowd was quite optimistic, with a reading of 0.0577, and the Buzz score stood at 1.006. This level of enthusiasm suggests that there’s growing approval from investors towards the memecoin.
What BONK’s charts suggest
According to AMBCrypto’s analysis, BONK has seen a renewed interest over the past 48 hours.
The increase in the Relative Strength Index (RSI) suggests growing interest in BONK. At the moment, its RSI stands at 59, having risen from 35.6 over the past 48 hours. This significant rise indicates a surge in buying activity, as more investors are entering the market.
Consequently, the recent drop in prices offers potential purchasing chances for new investors, thereby increasing demand. In this scenario, buyers are gradually taking charge, evidenced by a dramatic 100% rise in daily trading activity.
As a researcher, I’ve noticed an intriguing development with BONK‘s OI-Weighted Funding Rate. After being negative for the majority of the previous week, it has recently turned positive. This transition suggests a significant shift in market sentiment among investors, as they seem to be increasingly favoring long positions.
A greater desire among investors to buy (long position) rather than sell (short position) this memecoin indicated their optimism about its future potential.
To put it simply, the liquidation value for BONK‘s long positions has been steadily decreasing, falling from a peak of $767,600 to just $8,720 as we speak.
In times of market downturns, I’ve observed that long-holders of this memecoin continue to incur fees for maintaining their positions. This persistent behavior during market fluctuations suggests a level of optimism among long-term investors regarding the coin’s future trajectory.
Read Bonk’s [BONK] Price Prediction 2024–2025
With buyers now dominating the market, the memecoin is positioned for further gains.
In the near future, BONK aims to challenge the resistance at approximately $0.00002524. If it successfully breaches this level, the memecoin could regain strength and potentially return to the values seen in July around $0.00002815.
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2024-10-07 13:44