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BONK gains 17%: Is this the beginning of a bull run?

2min Read

BONK surges amid heightened trading activity and bullish reversal.

BONK

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  • BONK has surged by 17% in the past 24 hours, signaling a continued bullish trend.
  • The increase in trading volume alongside the price surge enforces the strong bullish momentum.

Bonk [BONK] experienced a sudden massive surge on 25th June. Over the past 24 hours, its price has increased by 17%, driven by heightened trading activity.

The price of BONK is currently above the Ichimoku Cloud, suggesting a strong bullish trend. The cloud acts as support in this context, indicating that as long as the price remains above the cloud, the bullish trend would continue.

Source: TradingView

Are the bulls back?

There is a noticeable increase in trading volume accompanying the price surge, which validates the strength of the bulls.

The RSI is around 44.56, indicating that the asset is neither overbought nor oversold. This means there may still be room for upward movement without immediate concerns of a pullback due to overbuying.

Source: Santiment

BONK has seen a dramatic increase in social volume and dominance too. While increased attention can lead to price surges, it also raises the asset’s exposure to speculative trading.

BONK’s CM Ultimate MACD moves around the zero line, showing the difference between the 12-period and 26-period exponential moving averages. The red and green dots indicate bullish and bearish crossovers, respectively.

Frequent crossovers of the MACD line above and below the signal line suggest a highly active market with multiple potential entry and exit points for traders.

Source: TradingView

The sustained position of the price below the 200-day moving average points to bearish sentiment in the longer term. Watching the 0.000002768 level (200-day MA) as a key resistance in the near term.

Support might be forming around the recent lows, with the need to observe if the Stochastic indicator provides a confirmed buy signal with continued upward crossing and movement into the overbought territory.

Source: TradingView

The all-time high price for Bonk was $0.00004547, reached on 4th March, 2024, four months ago. Currently, the price is 49.48% below this peak.

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Jai Hamid works as a freelancer cryptocurrency journalist, specializing in blockchain technology. With a keen eye for detail and a knack for breaking down complex topics, she helps demystify blockchain for a wide audience, ranging from novice enthusiasts to industry experts.
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