- BONK is up 17% in the last 24 hours, indicating a continued bullish trend.
- The increase in trading volume alongside the price increase reinforces the strong bullish momentum.
Bonk [BONK] experienced a sudden huge wave on June 25. Over the past 24 hours, the price has risen 17%, thanks to increased trading activity.
The price of BONK is currently above the Ichimoku Cloud, indicating 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 will continue.
Source: TradingView
Are the bulls back?
There is a noticeable increase in trading volume that accompanies the price increase, confirming the strength of the bulls.
The RSI is around 44.56, which indicates that the asset is not overbought or oversold. This means there may still be room for upward movement, without the immediate worry of a pullback due to overbuying.
Source: Santiment
BONK has also seen a dramatic increase in social volume and dominance. While increased attention can lead to price increases, it also increases the asset’s exposure to speculative trading.
BONK’s CM Ultimate MACD moves around the zero line and shows the difference between the 12 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 indicates a very active market with multiple potential entry and exit points for traders.
Source: TradingView
The price’s continued position below the 200-day moving average indicates longer-term bearish sentiment. We are looking at the 0.000002768 level (200-day MA) as a key near-term resistance.
Support could be forming around the recent lows, with it being necessary to observe if the Stochastics provide a confirmed buy signal, with continued upside crossing and movement into overbought territory.
Source: TradingView
The all-time high price for Bonk was $0.00004547 and was reached on March 4, 2024, four months ago. Currently the price is 49.48% below this peak.
