Over the last day, meme-based cryptocurrencies have witnessed a significant upswing. Amidst this rally, Bonk [BONK] has also shown a strong recovery. After a notable decline in the previous week, BONK has now made a remarkable comeback in the past 24 hours.
At the time of writing, BONK was priced at $0.00002289. This reflects a 41.66% increase on a monthly basis and a further 13.65% upsurge within the last day, extending its bullish momentum.
The trading volume for BONK has seen a sharp increase, spiking by 106.96% to reach $253.14 million. Concurrently, the memecoin’s market capitalization has surged by 12.14% to hit $1.64 billion, as reported by CoinMarketCap.
Prior to this recent growth, BONK had been in a downward trend, registering a 6.47% decline over the past week.
The current market conditions raise questions about the potential for a sustained recovery for BONK.
Analysis conducted by CryptoCrypto indicates that BONK is currently experiencing positive market sentiment, with Market Prophit suggesting favorable market conditions for the memecoin.
The crowd sentiment stands at a positive value of 0.0577, with the Buzz score at 1.006. These metrics signify an increase in investor favorability towards the memecoin.
Insights from BONK’s Charts
According to the analysis by CryptoCrypto, BONK has seen revived interest in the past 48 hours.
This surge in demand is evidenced by a rising Relative Strength Index (RSI). Currently, BONK’s RSI stands at 59, up from 35.6 within the last 48 hours. This surge indicates heightened buying activity as new investors enter the market.
Consequently, the recent dip has created buying opportunities for new market participants, exerting upward pressure. This shift indicates that buyers are taking control, as exemplified by a 100% increase in trading volume over the last day.
Furthermore, BONK’s OI-Weighted Funding Rate has transitioned to a positive stance after being negative for the majority of the past week. This change signals a shift in market sentiment among investors towards more optimistic positions.
The preference for long positions over short positions suggests investor confidence in the memecoin’s outlook.
Moreover, the liquidation amount for long positions in BONK has steadily decreased from a peak of $767.6k to $8.72k at present.
This decline indicates that even during market downturns, holders of long positions have been willing to pay a fee to maintain their positions. Such behavior in the market implies that long-term investors are bullish about the direction of the memecoin.
With buyers currently in control of the market, BONK is poised for further growth.
In the short run, BONK is expected to challenge the resistance level of $0.00002524. A breakthrough beyond this level will strengthen the memecoin’s position to revisit levels seen in July around $0.00002815.