BONK Surges 15% as Bullish Momentum Strengthens – More Profits Ahead?

• BONK has continued to rise after gaining greater than 38% up to now seven days.
• A bullish crossover on the one-day chart signifies extra positive factors for the memecoin.

Bonk [BONK] displays positive factors within the broader cryptocurrency market. On the time of writing, the memecoin was buying and selling at $0.00002507, having risen greater than 38% in simply seven days.

Throughout this time, BONK’s market capitalization elevated from $1.2 billion to $1.8 billion.

Market curiosity on this altcoin continues to rise as in simply 24 hours buying and selling volumes have elevated by greater than 272% per yr. CoinMarketCap.

BONK’s rally coincided with that of Dogecoin [DOGE] And Shiba Inu [SHIB]a sign that meme cash are capturing purchaser curiosity.

On the one-day chart, BONK confirmed sturdy bullish sentiment after the 50-day Easy Shifting Common (SMA) crossed above the 100-day SMA. This crossover coincided with a bullish candle, highlighting the power of the uptrend.

Supply: Tradingview

Patrons are driving these positive factors, as evidenced by the Relative Power Index (RSI) studying 65. This measure is tilting north after crossing the sign line, indicating that purchasing strain is gaining momentum.

If consumers can preserve the momentum, BONK may rise 32% to the subsequent resistance degree on the 1.618 Fibonacci degree ($0.00003447).

Analyzing BONK’s derivatives knowledge

The derivatives market reveals combined sentiment in direction of BONK. Buying and selling volumes for the meme coin have elevated by greater than 167% to $198 million on the time of writing, displaying that futures merchants are more and more betting on BONK’s future efficiency.

Nevertheless, the reducing open curiosity reveals that there’s a lower in open positions on BONK. This reveals that futures merchants are cautious as a result of risky worth swings.

Supply: Coinglass

The lengthy/quick ratio of 0.95 means that quick positions are greater than lengthy positions. The bias towards quick positions may be attributed to an inflow of lengthy liquidations that amounted to $293,000 on the time of writing. Conversely, quick liquidations totaled $194,000 inside 24 hours.

Learn Bonk’s [BONK] Worth forecast 2024–2025

The derivatives market is an effective indicator of bullish or bearish sentiment available in the market. Due to this fact, the combined knowledge reveals that there’s uncertainty concerning the token’s continued uptrend.

Nevertheless, the constructive sentiment surrounding Solana-based meme cash may assist the uptrend. Information from Coin gecko reveals that the full market cap for these meme cash elevated by 20% within the final 24 hours to over $15.87 billion.