BONK surged over 10%, trading at $0.00003212.
The trading volume of the meme coin has soared over 175%.
The global cryptocurrency market exhibits mixed signals, with assets fluctuating between gains and losses. The recent recovery of major assets has extended support to meme coins. However, at press time, prominent meme coins like DOGE and SHIB are recording double-digit declines.
Despite this, the Solana-based meme coin BONK leads the pack of gainers in the early hours. The asset currently manages to settle within the top five gainers and chooses a bull run for the day. Breaking past a crucial resistance level at $0.00002841, BONK currently trades at $0.00003212, with a 10.38% gain.
The meme coin’s price climbed from a low of $0.00002663 to a high of $0.00003965. In addition, BONK’s daily trading volume has reached $2.31 billion. The market has recorded $7.18 million worth of BONK liquidated in the past 24 hours.
The upside trajectory of BONK over the past seven days recorded over 47% gain. The meme coin began the week trading at a low of $0.00002197, and eventually, the asset ascended to the current trading marks.
Are New Highs Within Reach for BONK?
BONK’s ongoing market sentiment is neutral, as the daily relative strength index (RSI) settles at 62.78. The four-hour frame of the asset unveils the short-term 9-day moving average above the long-term 21-day moving average.
The daily price chart of BONK suggests the recent upside correction. If the bulls could maintain the current momentum, the price of the meme coin might likely hit a high of $0.00003828. Further gains might push the price of BONK to hit high targets.
On the support side, if BONK loses its grip on the upside, the meme coin could retreat to its support zone at $0.00002583. A steady decline could unfold if the meme coin continues to retreat.
Besides, the technical analysis highlights the Moving Average Convergence Divergence (MACD) line over the signal line, exposing the meme coin’s upward momentum and the incoming bull run.
The Chaikin Money Flow (CMF) indicator is positioned at 0.17, which denotes the positive money flow and buying interest. Meanwhile, BONK’s trading volume has increased by over 175%.
Disclaimer: The opinion expressed in this chart is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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