On October 1, 2024, the favored Solana-based meme coin Bonk (BONK) made a headline because it topped the cryptocurrency market with its spectacular efficiency. Within the ongoing struggling cryptocurrency market, BONK has outperformed main cryptocurrencies like Bitcoin (BTC), Solana (SOL), Ethereum (ETH), and lots of others with a major value surge of over 9.5% prior to now 24 hours.
At press time, it’s buying and selling close to $0.0000253 and has skilled vital participation from merchants and traders, leading to a spike of 115% in buying and selling quantity throughout the identical interval.
BONK Technical Evaluation and Upcoming Ranges
Based on knowledgeable technical evaluation, BONK seems bullish and is poised for a major upside rally within the coming days. Not too long ago, it skilled a breakout from a robust resistance degree of $0.000022 and consolidated for 2 days. With a powerful value surge immediately, it broke the consolidation zone, indicating a bullish sign.
Primarily based on the historic value momentum, if BONK closes its each day candle above the $0.000025 degree, there’s a robust chance it might soar by 30% to achieve the $0.000035 degree within the coming days.
At the moment, BONK is buying and selling above the 200 Exponential Shifting Common (EMA) on a each day time-frame, indicating an uptrend. The 200 EMA is a technical indicator that determines whether or not an asset is in an uptrend or downtrend.
BONK’s On-Chain Metrics
Regardless of a bullish outlook and spectacular value surge over the previous 24 hours, BONK’s on-chain metrics sign fragile market sentiment. Based on the on-chain analytics agency Coinglass, BONK’s Lengthy/Quick ratio at the moment stands at 0.99, indicating a weak sentiment amongst merchants. Nonetheless, a worth above 1 signifies bullish market sentiment.
Moreover, its future open curiosity has declined by 3.8% prior to now 24 hours, indicating that merchants have liquidated their positions, probably because of the present market sentiment as main cryptocurrencies are experiencing vital value declines.
