- BONK has surged by 11.75% over the past week.
A shift in market sentiment sees BONK’s trading volume surge by 108.39%.
As a seasoned researcher who has navigated through numerous crypto market cycles, I must say that the recent surge of Bonk [BONK] is nothing short of intriguing. The 11.75% increase over the past week and the surge in trading volume by 108.39% have certainly caught my attention.
Over the last seven days, meme coin sectors have experienced a substantial bounce-back across all areas. Much like other coins, Bonk [BONK] also saw an uptick.
Currently, BONK is being traded for approximately $0.00001856, which represents a 11.75% rise in its value compared to the previous week.
The recent price increases are also bolstered by a rise in demand. In the last 24 hours alone, the trading volume for BONK skyrocketed by an impressive 108.39%, reaching a substantial $161.3 million.
Its market cap increased as well, hiking by 5.69% to $1.31 billion over the same period.
Prior to these gains, BONK had been on a downward trajectory declining by 10.76% on monthly charts.
Even though there’s been a rise, the memecoin still sits 20.14% lower than its most recent peak at $0.00002324, and it’s also decreased by 58.5% compared to its all-time high of $0.00004547.
Consequently, the recent growth suggests that the memecoin might be regaining vitality, which fuels optimism about its potential future success.
What BONK’s charts suggest
Based on AMBCrypto’s evaluation, the memecoin BONK appears to have surpassed an ascending trendline. Over the course of the last week, it has exhibited a substantial upward momentum, hinting at a prolonged ascent.
Given the present market trends, fueled by the recent surge of interest in memecoins, it’s possible that the memecoin might experience further growth.
At the moment, BONK‘s Relative Strength Index (RSI) is on an upward trend, having increased from a low of 43.4 to 55.73. This suggests that there’s more demand for buying than selling, as evidenced by an increase in trading activity.
Over the last three weeks, the total amount that can be withdrawn from BONK‘s long positions during liquidation (when positions are closed due to market conditions) has decreased, reaching a minimum of approximately $26,150 at the current reporting time.
During market downturns, it was apparent that investors preferred to maintain their positions with BONK despite having to pay a funding fee, indicating a decrease in liquidation for longs. This suggests that they held faith in BONK’s future prospects and potential growth.
Over the past two days, the funding rate for this meme coin, when considering Open Interest (OI), has been favorable, indicating a possible change in investor sentiment.
When this measure becomes positive, it indicates that long position holders are ready to compensate short position holders. This type of market activity demonstrates a bullish outlook, as it shows more traders believe the prices will rise.
Read Bonk’s [BONK] Price Prediction 2024–2025
From my perspective, I observed a significant swing in market opinion, indicating a robust upward trend and favorable market feelings towards BONK.
Following a break from the downward trendline, the memecoin is expected to aim for its next substantial resistance level at approximately $0.00001986. If it succeeds in breaking this level, the memecoin will gain strength and potentially target $0.00002457 as its next challenge.
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2024-09-25 20:39