During the most recent weekly trading period, the value of Bonk [BONK] has remarkably risen by 23.3%. Should this consistent growth trajectory persist, there is a strong likelihood that the coin will witness further expansion.
Nevertheless, this sharp upward trend faces a challenge from a resistance barrier that could hinder additional price hikes.
Potential Obstacle Detected in BONK’s Path towards a Significant Surge
The ongoing rally of BONK is being driven by significant buying pressure stemming from a rebound off a critical support level historically associated with pushing prices upwards.
While this support has solidified on the weekly chart, BONK now confronts a crucial obstacle at the resistance point of 0.000023471. Failure to surpass this level could lead to a retracement back to the support line.
If BONK successfully breaches this resistance barrier and manages to sustain trading above it, there is a possibility for the coin to progress towards at least 0.000038816, with the potential for even greater advancements in the near term.
Bulls Demonstrate Growing Interest in BONK
Various technical indicators are hinting at an increasing interest in BONK, signaling the likelihood of a major market shift in the near future.
Analysis conducted by CryptoCrypto, utilizing metrics such as the Relative Strength Index (RSI) and Chaikin Money Flow, supports this observation.
The RSI, a measure of the pace and magnitude of price changes on a scale from 0 to 100, is on an upward trend for BONK, indicating strong buying momentum.
Similarly, the Chaikin Money Flow, which evaluates the flow of liquidity in and out of an asset, has shifted upwards, suggesting an inflow of fresh capital into BONK, signifying active buying.
If these indicators continue their upward trajectory, BONK is anticipated to reach the earlier mentioned target price and potentially establish a new baseline before further upswings.
In the Near-Term, BONK is Dominated by Bullish Sentiment
Although BONK is poised for long-term growth, the short-term outlook also appears optimistic. Data from Coinglass’s Open Interest demonstrates a high level of interest from buyers, with an increase in long positions.
Recent statistics show that BONK’s Open Interest has surged by more than 70% in the past 24 hours, reaching a total value of $13.17 million.
This surge has resulted in short traders experiencing a combined loss of $245.45k during the same period.