Bonk (BONK) is one of the meme coins based on Solana, which has noted a surge in its market value. In the past week, BONK has jumped over 20%, currently trading at $0.00002376. With the trading volume over the last 24 hours pegged at $348,617,011 and a market capitalization of $1,769,817,187, these statistics are positive indicators of market interest in the token. Over the last 24 hours, BONK is observed to have appreciated by 7.70%.
Source: CoinMarketCap
Analysts attribute BONK’s performance to the overall positive market sentiment regarding the crypto sector, specifically Solana-based projects in anticipation of Spot Solana ETF.
Bullish Trajectory and Technical Analysis
A recent analysis by a top crypto analyst has presented a bullish outlook for BONK. The token has surged within a single candle from $0.00001212 to $0.00004450, translating to 260% up from the bullish order block level. With such an inflow of market interest towards the coin and good technicals supporting it, such movements in BONK are now possible.
However, the token saw strong resistance at higher price levels, which caused its value to drop by 60%, from $0.00005540 to $0.00001802. During this time, one of the potential areas for opening a short position was found between the prices of $0.000025 and $0.000030. This range is a zone of high importance from which participants can attract potential price correction moves.
$BONK Chart Analysis
Last Pump Recap: #BONK soared 260% from the Bullish +OB Level, moving from $0.00001212 to $0.00004450.
Recent Rejection: After the pump, BONK faced a strong rejection from the Bearish -OB, leading to a 60% dump from $0.00005540 to $0.00001802.
Current… pic.twitter.com/sfYOPy6j4O
— Crypto Patel (@CryptoPatel) June 30, 2024
Effective risk management, stop-loss area is encouraged beyond the bearish OB near $0.000031; so doing is claimed to lessen losses, should the prices drift against an expected uptrend. Further, the analyst sees a strong bounce taking place from the bullish OB within the $0.000013–$0.00001550 price range, with this offering a good entry point for longs.
Introduction of BONKrun and Strategic Partnerships
Bonk concurrently announced its latest project, BONKrun, in partnership with Paris Musketeers and Octo Gaming. Among the newest gaming ventures, it targets a wide-reaching audience of mobile users, available on the App Store and Google Play.
The game will allow players to stack their points and win digital cash prizes. In this way, we have a potent mix of gaming and cryptocurrency experience.
Introducing BONKrun❗️❗️❗️
In collaboration with @Octo8gaming and @parismusketeers, help BaoBao take it to the house for a touchdown🏈
Now available on both Google Play and the App Store#LetsBONK #allforone
Link to download 👇 pic.twitter.com/FLxBzGkf7N
— BONK!!! (@bonk_inu) June 30, 2024
Moreover, it is widely promoted in doing charity works through BaoBao, BONK hosted a charitable fashion exhibition. The points scored in the game correspond to a contribution from the players, creating some kind of indirect relationship between play and charity.
Future Outlook and Technical Indicators
Some technical indicators for BONK/USD are currently flashing bullish. The Moving Average Convergence Divergence shows a narrowing spread between the MACD line and the signal line, an indicator that might suggest a change in momentum. The histogram has contracted, meaning the distance between the two lines is coming closer.
The Relative Strength Index (RSI) is at 60, putting the asset in a neutral zone and thus suggesting that the price may remain on its current path with massive bullish momentum toward the overbought area.
Source: TradingView
The Klinger Oscillator (KO) also had a crossing where its green line descended below the blue line, signaling an uptrend in the near term. To top it off, the Awesome Oscillator (AO), while being close to the zero line, has recently shown a green uptick, hinting at a potential increase in positive momentum.
