BONK is emerging as a front-runner among memecoins, rapidly gaining traction in the market race.
- BONK encounters significant resistance, which could potentially impede its rally. Successfully breaking through this barrier could propel BONK to reach its March peak of 0.00003389.
In the latest weekly market cycle, Bonk [BONK] has impressively surged by 23.3%. If this steady growth continues, the coin is likely to experience further expansion.
However, this sharp ascent is under threat from an upper resistance line that could cap further price increases.
Potential barrier identified in BONK’s path to a major rally
BONK’s rally is fueled by substantial buying pressure from bouncing off a key support level that is known for driving prices upward historically.
This support has clearly developed on the weekly, but BONK now faces a critical challenge at the resistance level of 0.000023471. Failure to breach this threshold may result in a reversion to the support line.
Source: TradingView
If BONK successfully overcomes this resistance and maintains trading above it, it could trend to at least 0.000038816, with the potential for even higher gains in the near future.
Bulls show rising interest in BONK
Technical metrics are signaling an increasing interest in BONK, suggesting that a major market move may be imminent.
Analysis from AMBCrypto, utilizing the Relative Strength Index (RSI) and Chaikin Money Flow, supports this observation.
The RSI, which measures the speed and change of price movements on a scale from 0 to 100, is trending upward for BONK, indicating strong buying activity.
Similarly, the Chaikin Money Flow, which assesses the inflow and outflow of liquidity, has shifted direction upward. This change suggests an influx of new capital into BONK, which points to active purchasing.
Source: TradingView
Should these indicators continue to trend upward, BONK is expected to reach the earlier-mentioned target price and possibly mark its lowest trading price before further gains.
Short-term, BONK is in bullish hands
While BONK is ready for an upward move in the long term, the short-term outlook is similarly bullish. According to Open Interest data from Coinglass, buyer interest is high, with long trades being actively placed.
The current data reveals that BONK’s Open Interest has surged by over 70% in the last 24 hours, reaching $13.17 million.
This increase has led to short traders incurring a total loss of $245.45k within the same timeframe.
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