- BONK has surged 4.61% over the past 24 hours.
- Buyers were dominating the market with a strong uptrend momentum at press time.
Over the past 24 hours, memecoins have made significant gains on price charts following Bitcoin’s [BTC] surge to a recent high of $66479.
With the crypto market seeing some signs of life, memecoins such as Bonk [BONK] are not left behind.
In fact, as of this writing, BONK was trading at $0.00002287. This marked a 4.61% increase over the past day. The memecoin gained on weekly and monthly charts, especially making a 33.20% surge over the past month.
Will BONK continue to rise?
According to AMBCrypto’s analysis, BONK was experiencing positive market sentiment at press time. Per Market Prophit, the memecoin’s market sentiment was 0.0721 with a Buzz Score of 1.0553.
This suggested that the market sentiment was favorable.
Source: Market Prophit
This is further supported by the latest price action. As such, the memecoin has made a significant move, flipping the 200 EMA.
This shows a strong bullish momentum, with buyers gaining control; the buying pressure is shown by a surge in trading activities.
Source: TradingView
Also, BONK’s trading volume has surged by 82.58% to $251.76 million, with the memecoin’s market cap rising by 8.49% to $1.69 billion.
These recent market conditions suggest the memecoin is more likely to bounce off 200 EMA rather than break below it. This makes $0.00002086 a strong support and as long as Bonk trades above it, it will rise further.
Source: Coinglass
Finally, BONK’s Spot netflow has remained largely negative over the past week. At press time, spot netflow was -$914.06K, suggesting more outflow into exchanges than deposits.
This means that investors were withdrawing their memecoin from exchanges.
Read Bonk’s [BONK] Price Prediction 2024–2025
Simply put, Bonk has been experiencing strong upward momentum and favorable sentiment of late.
If these market conditions hold, the memecoin will challenge the next resistance level at $0.00002500. A breakout from this level will see the memecoin hit $0.00003003.
