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Bonk surges 21% in 24 hours: Is a rally to $0.00002 next?
In the past 24 hours, Bonk has experienced an astonishing surge of 21.22%, reaching a high of $0.0000174. This impressive jump is accompanied by a significant increase in trading volume, with a whopping 332% spike to $548 million. The memecoin’s recent performance can be attributed to the renewed interest from investors and traders.
The data suggests that Bonk has seen a substantial shift in market sentiment, as buyer activity surpasses seller volume by an alarming margin of 167.31 billion tokens. This influx of buying pressure is a stark contrast to the four consecutive days of higher selling pressure witnessed just prior, indicating a drastic change in investor sentiment.
Moreover, derivatives data from CoinGlass reveals that fresh capital has entered the market, marked by a substantial spike in Open Interest and volume. The Open Interest surged 45.93% to $17.38 million, while the volume jumped 271.1% to $97.59 million. This influx of participation in the futures market is a clear indication of increased investor interest.
The momentum indicators are also flashing bullish signals. The MACD has surged to -0.00000023, signaling strong upward momentum. Meanwhile, Bonk’s Relative Strength Index (RSI) has breached into bullish territory, as it now stands at 60. This level suggests that buyers are currently in a position of dominance.
Should this buying momentum continue for an extended period, it is possible that Bonk could regain its previous highs near $0.000018 and potentially even aim higher to reach $0.00002. However, if the buyer’s momentum falters and profit takers overwhelm the market, Bonk may find support around $0.000015.
In conclusion, the recent surge in Bonk is a clear indication that investors have returned to take strategic positions, fearing they would miss out on potential gains (FOMO). With buying pressure dominating seller volume and derivatives data showing increased participation and bullish momentum indicators, it appears that the crypto asset’s upward trajectory may persist.
Source: ambcrypto.com
