- BONK has continued to rally after an over 38% gain in the last seven days.
- A bullish crossover on the one-day chart suggests more gains for the memecoin.
As a seasoned researcher with over a decade of experience in the dynamic world of cryptocurrencies, I find myself intrigued by the recent surge in BONK, a memecoin that seems to be mirroring the broader market trends. The 38% gain in just seven days and the subsequent increase in market capitalization from $1.2 billion to $1.8 billion has certainly caught my attention.
Currently, the digital coin known as Bonk [BONK] is reflecting the growth observed across the wider cryptocurrency sector. As of now, this memecoin is valued at $0.00002507 following an increase of over 38% in merely seven days.
During this time, BONK’s market capitalization increased from $1.2 billion to $1.8 billion.
Interests in this particular altcoin are skyrocketing, with trading volumes significantly increasing by over 272% within the past 24 hours, according to CoinMarketCap.
The surge in BONK’s value appears to align with the growth of Dogecoin (DOGE) and Shiba Inu (SHIB), suggesting a growing investor fascination towards meme-based cryptocurrencies.
Yesterday’s price movement for BONK displayed a robust bullish trend as the 50-day Simple Moving Average (SMA) surpassed the 100-day SMA. This crossover occurred alongside a bullish candle, emphasizing the vigor of the upward trend.
Purchasers seem to be fueling these advancements, as indicated by the Relative Strength Index (RSI) standing at 65. This particular indicator is pointing upward after surpassing the signal line, indicating that the buying momentum appears to be intensifying.
Should purchasers maintain their pace, it’s possible that the price of BONK may surge by approximately 32%, reaching a potential new high at around $0.00003447 – this level being the next Fibonacci resistance point.
Analyzing BONK’s derivatives data
In simpler terms, the feeling among traders in the market for derivative contracts (like bets about BONK’s future value) is divided. However, there’s a growing interest in BONK as the trading volume of this meme coin has significantly increased by over 167%, reaching $198 million at the moment, suggesting that more and more traders are wagering on BONK’s potential growth.
Conversely, the decreasing number of open contracts for BONK suggests fewer active positions. This indicates that futures traders are exercising caution because of the unpredictable price fluctuations.
In simpler terms, the ratio of shorts to longs being approximately 0.95 indicates that there are more short positions than long positions. This imbalance might be due to a large number of long positions being closed out for a total of $293,000 at the time of publication. On the other hand, short liquidations amounted to $194,000 over the past 24 hours.
Read Bonk’s [BONK] Price Prediction 2024–2025
The derivatives market is a good indicator of bullish or bearish sentiment in the market. Therefore, the mixed data shows there is uncertainty around the token’s sustained uptrend.
On the other hand, the upbeat feelings towards Solana-linked meme tokens might be fueling their upward trend. As per CoinGecko’s data, in just the past 24 hours, the total market capitalization for these meme coins has surged by 20% to exceed $15.87 billion.
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2024-11-12 06:15