BONK flips FLOKI, rises 103% – More gains coming?

• BONK flipped FLOKI in market cap.
• Social volume and sentiment around FLOKI continued to rise.

BONK [BONK] witnessed a massive surge in interest over the last few weeks, causing it to flip Floki Inu [FLOKI] in terms of market cap.

Source: CoinMarketCap

Going BONKers

Since testing the resistance levels of $0.00001934 on the 14th of April, the price of BONK almost doubled and surged by 103%.

In the month of March, the price of BONK had exhibited a double top pattern before witnessing a decline in terms of price.

After this, the price of BONK continued to fall and showcased multiple lower lows and lower highs. This was indicative of a bearish trend that had emerged.

Despite these factors, BONK was able to accumulate a large bullish momentum, causing a surge in price which was enough to break past the initially established lower lows.

Even though the trend wasn’t completely reversed it seemed more likely that BONK may be able to push past the $0.00002946 level in the future.

If BONK does succeed in doing so, it could target the $0.00003654 level going forward.

However, at the time of writing, the CMF(Chaikin Money Flow) for BONK had declined significantly in the last few days and had dropped to the -0.17 levels.

This meant that the money flow for BONK had significantly fallen in the last few days, which could be attributed to some holders indulging in profit-taking.

The RSI(Relative Strength Index) for BONK had also fallen during to 47.68 in the last few days. So, momentum towards BONK had turned neutral at press time, which could suggest some sideways movement.

Source: Trading View

Social volumes for BONK and FLOKI

The social volume around BONK had also grown significantly in the last few days, suggesting that its popularity across social media platforms had grown.

Realistic or not, here’s BONK’s market cap in BTC’s terms

However, the Weighted Sentiment around the token had declined, which could mean that negative comments were outnumbering the positive ones at the time of writing.

Source: Santiment

FLOKI on the other hand, witnessed a decline in social volume compared to BONK and also observed a large decline in weighted sentiment. At press time, FLOKI was trading at $0.0001689 and had fallen by 6.58%.

Source: Santiment