Over the past 24 hours, the BONK price has experienced a notable surge of 14.33%, contributing to an overall market growth with meme coins averaging a 12.92% increase. Market indicators currently suggest potential for further gains.
This recent uptick provides some respite from BONK’s previous price trajectory, which saw a significant drop of 27.48% since last Tuesday—a decline that reflected broader market trends among other notable cryptocurrencies.
Despite recovering somewhat, BONK has still lost 9.76% over the past month, erasing much of the progress made in recent weeks.
Nonetheless, traders have shown keen interest in capitalizing on these lower prices, with trading volume reaching a peak of approximately 500 million in the last day.
Bonk Price Reclaims Long-Term Support – Is this Growth Sustainable?
A closer look at the charts suggests that BONK is showing strength.
Most significantly, BONK has reclaimed key long-term support at $0.00001815 after dipping below it yesterday. This suggests that, despite the dip, the underlying demand for the asset remains strong,
A prospect reinforced by the meme coin’s relative strength index (RSI) (purple), standing around 60 after being suppressed below 50 over the past four days.
Although neutral, a break into bullish territory is significant after being held in the bearish to oversold range for so long. This represents a potential turning point for the BONK price.
Wider trends support this, with the 20DMA (yellow) breaking the downtrend that has held strong over the past two weeks. While the short-term trend is improving, the long-term trend remains bearish, with the 200DMA (blue) continuing its downtrend.
Therefore, it would be reasonable to expect further gains in the near term as Bonk recovers, with the $0.000022 mark being the next level to watch.
However, since Bonk has no real fundamentals of its own, often riding wider market waves, traders should be cautious. The current bearish market climate, driven by fears of a US recession, warrants careful consideration.
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Although traders may want to cling to BONK for further gains, the meme coin landscape has evolved. The best opportunities now leverage real utility alongside a strong community.
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