- BONK may hit the $0.00004-level if it closes strongly above the $0.000028-level
Investors seem to be showing more interest in WIF, compared to BONK
As a researcher with experience in the crypto market, I’ve been closely monitoring the recent developments between Bonk (BONK) and dogwifhat (WIF), two memecoins that have seen significant price movements following the latest update on Spot Ethereum exchange-traded funds (ETFs). Based on the data available, it appears that BONK has surpassed WIF in terms of market capitalization and trading volume.
After the recent Spot Ethereum exchange-traded funds (ETFs) update caused a surge in the crypto market, Solana’s Bonk (BONK) surpassed Dogewhat (WIF) and ranked as the fourth-largest memecoin during this market upturn.
12% hike fuels flip
Based on CoinMarketCap’s data, BONK experienced a growth of more than 12% in the last week, whereas WIF saw a decline of approximately 16% during the same time frame. Consequently, BONK’s market capitalization reached $1.83 billion, while WIF’s shrank to $1.69 billion.
At the current moment, it’s important to note that BONK‘s bullish trend was facing challenges as its trading volume saw a significant decrease of more than 45%. This decline suggests a reduction in investor and trader activity within the memecoin market.
Additionally, open interest decreased by 14.3% as a result of pessimistic market feelings and intense selling activity throughout the market.
As a researcher observing the financial markets, I noticed that WIF, currently priced around $1.65, was experiencing some challenges similar to mine. The trading activity for this asset saw a significant decrease of more than 38%. However, there was a contrasting trend in open interest (OI), which increased by over 4% within the past 24 hours.
Technical analysis and key levels
Based on the price charts, BONK seemed to be following an upward trend and exhibited bullish signs since late December 2023. Over this period, a trendline provided consistent support for BONK, causing notable price jumps. Recently, after receiving support from this trendline, BONK experienced a substantial increase of over 27% within a mere three-day span.
Currently, BONK has reached a significant resistance point around $0.000026. This price mark represents the neckline of an emerging bullish double-bottom pattern in its daily price chart. If the token manages to surpass this resistance and ends the day above $0.000028, there’s a good chance it will advance towards $0.000040 – its subsequent resistance level.
In addition to this assessment, the technical indicators pointed towards an uptrend for BONK. The price appeared to be rising above its 200-day Exponential Moving Average (EMA), which is often considered a bullish sign.
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2024-07-11 08:07