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BONK climbs 12% in 24 hours – Here’s why the rally could keep going
Bonk [BONK] has recently experienced a dramatic surge, climbing an impressive 12.56% within a single day. The cryptocurrency’s price broke above its multi-month descending channel, which may signify a significant trend reversal.
The data suggests that BONK is poised to continue this upward trajectory. Firstly, the Open Interest (OI) has surged by 17.28%, indicating that an increasing number of traders are purchasing long positions in anticipation of further growth. This sharp increase in OI indicates that the rally may not be driven solely by speculative noise but rather a conviction-driven move.
Moreover, the OI-Weighted Funding Rate has flipped positive at 0.0064%. This shift signifies that traders are now willing to pay a premium for holding long positions, highlighting the growing demand for upside exposure. Although the rate is still relatively moderate and lacks signs of overleveraged euphoria, it underscores a fundamental tilt in trader psychology.
In a contrasting move, exchange outflows have resulted in a net withdrawal of $1.39 million from centralized exchanges. This indicates that holders are opting for long-term storage rather than immediate trading. Historically, such large outflows often accompany breakout rallies as investors anticipate future gains.
Furthermore, the cryptocurrency’s current price action is poised to trigger the liquidation of heavily concentrated short positions between $0.01520 and $0.01650. As the price rises, these shorts will face forced exits, leading to a self-reinforcing cycle of buying pressure. In the event that momentum continues to build and liquidations are triggered en masse, BONK may swiftly break past its current resistance level of $0.00001900.
In conclusion, the combined metrics illustrate increasing bullish momentum for BONK. Should the $0.00001900 level become support, it is possible that the cryptocurrency could extend its upward trajectory towards $0.00003257 in the days to come.
Source: https://ambcrypto.com/bonk-climbs-12-in-24-hours-heres-why-the-rally-could-keep-going
