Over the last day, meme coins have shown significant growth in their value, following the recent rise of Bitcoin [BTC] to $66479.
As the cryptocurrency market displays signs of recovery, meme coins like Bonk [BONK] are also benefiting.
Currently, BONK is trading at $0.00002287. This reflects a 4.61% increase in the past 24 hours. Notably, the meme coin has seen a notable surge in its value over the week and month, particularly showing a 33.20% rise in the last month.
Is there a potential for BONK to continue its upward movement?
Based on the analysis from CryptoCrypto, the market sentiment towards BONK appears to be positive at the moment. As per Market Prophit data, the meme coin has a market sentiment of 0.0721 and a Buzz Score of 1.0553, indicating a favorable market sentiment.
Moreover, recent price movements support this optimistic outlook, with BONK managing to surpass the 200 EMA.
This shift signals a strong bullish trend, with buyers taking charge and a notable increase in trading activity indicating buying pressure.
Notably, BONK’s trading volume has spiked by 82.58% to reach $251.76 million, accompanied by an 8.49% increase in market capitalization, now standing at $1.69 billion.
With these current market conditions, it is more likely that BONK will find support at the 200 EMA level, rather than dropping below it. The price of $0.00002086 serves as a robust support level, indicating an upward trend as long as Bonk maintains its position above it.
Furthermore, BONK’s Spot netflow has predominantly shown negative figures during the last week, with the current netflow sitting at -$914.06K, highlighting a higher outflow from exchanges compared to deposits.
These figures suggest that investors are withdrawing their BONK holdings from exchanges.
In essence, Bonk has been displaying strong positive momentum and sentiment lately.
If these market conditions persist, the meme coin is poised to challenge the next resistance point at $0.00002500, potentially leading to a breakthrough to $0.00003003.