BONK soars with a 108% increase in trading volume during a bullish week
Over the last week, the meme coin market has witnessed a remarkable recovery across all fronts. One such standout performer has been Bonk [BONK], which has shown commendable growth.
At the time of this report, BONK was being traded at $0.00001856, demonstrating an 11.75% surge over the past seven days.
These price gains have been strongly reinforced by a surge in demand. In the last 24 hours alone, BONK’s trading volume skyrocketed by 108.39% to reach $161.3 million.
Simultaneously, the market cap of BONK also experienced a significant hike, increasing by 5.69% to reach $1.31 billion over the same period.
Prior to this recent upturn, BONK had been on a downward trajectory, displaying a 10.76% decline on monthly charts.
Despite the recent upsurge, the meme coin remains 20.14% below its recent peak of $0.00002324, and a substantial 58.5% down from its all-time high of $0.00004547.
Therefore, these current gains hint at a resurgence, instilling optimism regarding the future prospects of the meme coin.
Interpreting BONK’s Performance Trends
Analysis by CryptoCrypto indicates that BONK has broken out of a descending trendline. In the past week, the meme coin has displayed a robust upward movement, indicating a sustained uptrend.
Given the prevailing market conditions amidst the renewed frenzy surrounding meme coins, BONK stands poised for potentially further gains.
For instance, the Relative Strength Index (RSI) of BONK has surged from a low of 43.4 to 55.73 presently. This uptrend signals a higher inclination towards buying compared to selling, underscored by the significant increase in trading volume.
Moreover, BONK’s total long liquidation has dwindled over the past three weeks, hitting a minimal value of $26.15k currently.
This decline in long liquidation implies that investors have been willing to pay a funding fee during market downturns to maintain their positions, underscoring their confidence in BONK’s future prospects.
Lastly, BONK’s OI-Weighted Funding Rate has held up positively for the past two days, suggesting a shift in market sentiment.
A positive shift in this metric implies that long position holders are ready to compensate short position holders, indicative of bullish market sentiment where a larger number of traders are speculating on price increases.
In essence, BONK is currently riding a strong wave of positive market sentiment, indicative of a robust upward momentum and favorable market outlook.
Following the breakout from the descending trendline, the meme coin is anticipated to challenge the next significant resistance level at $0.00001986. A successful breach beyond this level would fortify BONK’s position to aim for $0.00002457.