- Bonk Spot Buy Volume Beat Sell busy with 127 billion tokens.
- Bonk has to reclaim $ 0.000015 or run the risk of running back to his recent support of $ 0.000013.
Bonk [BONK]Recovered from his recent low point of $ 0.000013, tapped $ 0.00001480 before he withdrew to light to $ 0.00001446 per Per time time.
In the same period, the volume of the memecoin rose by 98.33% to $ 160.5 million, which reflects a higher activity in the chain.
But was this just a technical jump or the start of something bigger?
Bonk -buyers make a strong comeback
After taking a step back in the market in the midst of higher sales pressure, buyers returned to move sellers.
According to Coinalyze, Bonk saw 309 billion in purchase volume by 182 billion in selling volume on 29 June.
Source: Coinalyze
This of course resulted in a buy-sell Delta of +127 billion-a clear signal from the aggressive location.
Such a high Koopspree reflects the new demand as investors returned to buy the dip.
Source: Coinglass
In the midst of raised accumulation, the Netflow of the Memecoin became negative and reached the press -765K.
When more tokens leave exchanges than enter, this usually reflects accumulation and falling sales on the sales side.
This kind of behavior has often preceded historically, especially during local trend shifts.
Derivatives follow the action
It is interesting that when we investigate derivatives, we see that these buyers have entered the market to take strategic positions, especially long.
Source: Coinglass
Bonk’s open interest rose by 6.68% to $ 11.65 million, while the volume rose by 59.45% to $ 32.34 million, which confirmed an increased participation in futures.
At the same time, the long/short ratio reached 1,124, which reflects a tilt to long positioning.
Usually a higher demand for long positions implies, in addition to rising open interest, that investors are bullish and bet on prices to rise.
Momentum -indicators flash but …
According to Ambcrypto, Bonk saw a sharp revival when buyers went back into the market.
As a result, the stochastic RSI rose from the memecoin to 89, which indicates an over -bought conditions.
Likewise, the relative Vigor Index (RVGI) climbed to -0.0332, which enhances the presence of a strong bullish momentum.
Source: TradingView
That said, when Oscillators warm up like this, they often point to one of the two things: persistent outbreak or whiplash.
If buying continues, Bonk can recover $ 0.000015 with relatively ease. But if bulls are hesitation or without fuel, the coin can bring itself back to its recent base at $ 0.000013.