Bonk (BONK) popular meme coin has shown notable price action in the last 24 hours. The coin has managed an impressive recovery, evidenced by a marked increase in its price and trading volume. Initially opening at $0.00002701, BONK witnessed a substantial dip to $0.00002254 before rebounding to a high of $0.00002886 within the same day.This upward movement is supported by a 14.26% increase in trading volume, amounting to approximately $390.92 million, emphasizing heightened market activity
BONK Gains 6% as Market Activity Surges
The BONK price analysis shows that BONK has risen considerably as depicted by the green candles on the chart that are getting larger, which is an indication of a growing bullish trend among traders. The ADX on the four-hour chart is 29. 18, which shows a strong existing trend, but a bearish continuation due to the price being below the Ichimoku Cloud, which is a resistance level.
The ATR shows minor fluctuations, indicating a moderate level of volatility in the market. This stability in ATR, combined with increasing price, suggests that the upward trend might be sustainable without excessive volatility risks.
Further, the market cap of BONK has also seen a boost, currently at $1.96 billion, placing it 51st in market rankings. The relative increase in market cap and volume suggests active trading and investor interest, which might be a response to recent strategic listings and community activities boosting its visibility and attractiveness
On the technical front, the Bonk price is at the critical support levels. At the moment, the price is close to the lower border of the Bollinger Bands on the four-hour chart, which indicates that $0.00002853 could be used as the next potential pivot area for the next move. If the selling pressure persists, BONK could retest lower support at $0.00002544, a level that may define the short-term market sentiment for this coin.
