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- 1 BONK crypto has regained momentum and displayed a breakout.
- 2 Sellers are looking trapped and have covered their short positions.
The BONK crypto looks bullish and has blasted gains in the last sessions. The sudden bounce from the bottom suggests the possibility of whale-buying activity and bull accumulation.
This week, sharp buying activity was witnessed, and the token pumped over 60%, revealing the bulls’ dominance. Meanwhile, the buyers are eyeing to retest the supply region of $0.00004500.
A break and close above $0.00004500 would trigger a sharp bull rally and might reach $0.00005800, followed by $0.00006000 in the next session.
At press time, the BONK crypto (BONK) price traded at $0.00003781 with an intraday gain of 0.10%, reflecting bullishness on the charts. It has a monthly return ratio of 54.20% and a yearly return ratio of 93.29%.
The pair of BONK/BTC is at 0.000000000561 BTC, and the market cap is $1.58 Billion. Analysts are bullish and suggest that the BONK price may register a sharp breakout and reach the upside of $0.00006000 in the next few sessions.
BONK to Skyrocket? We Explian
The memecoin has been in a retracement phase for the past weeks, and the bottom mark has been retested at $0.00001200. Afterward, buyers’ accumulation activity from the bottom led to a solid comeback, and the token decisively recovered its gains.
In addition, the BONK crypto reveals higher high swings and delivers strong buying momentum. The Bonk price traded above the key moving averages and approached the bullish trajectory.
Source: TradingView
The Bonk crypto price has registered a rounding bottom formation breakout and escaped the neckline hurdle of $0.00004000.
The price action reveals the sharp bullish wave, and the token has shot up by over 57% this week, highlighting a speculative move.
Fueled by whale buying, there is a possibility that the Bonk price might cross its ATH mark of $0.00004700 soon.
In a recent tweet by @Crypto Rand, Bonk is chilling right now and has breached the prompt hurdle of $0.00004000, which trapped the bear cartel.
$BONK +60% already, what a beast! 🔥 pic.twitter.com/oQtSI6vMfy
— Crypto Rand (@crypto_rand) May 27, 2024
Source: X
The intraday trading volume rose over 42.90% to $745.65 Million, and the token has a total supply value of 99.19 Trillion.
The RSI curve spiked to the overbought zone and glimpsed a positive crossover on the charts, revealing an uptrend.
Sharp Spike in Volatility and Weighted Sentiment: What does it Mean?
Following the price-up move, the price volatility curve conveys decent fluctuations and replicates investor speculation, leading to a decline in the selloff.
Source: Santiment
Also, the weighted sentiment data conveys the investor’s belief and confidence in holding the Bonk crypto, which led to a rise of over 32% to the 2.141 mark.
Futures Long Buildup Activity MIght Trigger a Rally Ahead
A sharp surge in the future derivative data was witnessed, revealing the buying interest.
Source: CoinGlass
The open interest spiked over 36.58% to $24.25 Million in the last 24 hrs, which signals a sharp surge ahead.
The immediate support levels for the Bonk crypto are $0.00003800 and $0.00003600, respectively, whereas the key upside hurdle is around $0.00004250, followed by $0.00004400.
Can Bonk Price Hit ATH Mark?
The Bonk crypto price has triggered a breakout and sharply rebounded from the 20-day EMA mark. Moreover, the memecoin trades with a bullish bias and highlights the outperformance.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
