BONK May Extend Uptrend If It Tests This Resistance
- BONK price surged over 17%, trading at $0.00002219.
- The trading volume of the asset has soared over 228%, over the past 24 hours.
The victory of Donald Trump in the U.S. elections impacted the overall cryptocurrency market. The largest cryptocurrency, Bitcoin has rallied more than 10% to its new all-time high of $75K as Trump won the presidential race. Major assets have lifted their prices to new highs.
The meme coins have marked significant gains across the market, prices are charted in double-digit increases. Notably, the Solana-based meme coin, BONK has gained a steady 17% in the last 24 hours.
Notably, BONK recorded the lowest price at $0.00001845, and the highest at $0.00002287. At the press time, the meme coin traded at $0.00002219 with a market cap of $1.66 billion. Meanwhile, the daily trading volume of BONK has reached $391 million, according to CoinMarketCap data.
The upside trajectory of BONK over the past week recorded a 4.70% surge. But the meme coin fails to maintain the price momentum. It has fallen from $0.00002170 to $0.00001723.
As per analyst analysis, BONK is at its lowest point in wave 2. For the price to go higher, it needs to break above $0.0000262. If it does, the next target is $0.0000899, expected for wave 3, indicating a strong upward move.
Whats Next for BONK Price?
The current market sentiment of BONK is in the overbought zone, as the daily relative strength index is positioned at 74.47. The four-hour frame of the meme coin displays the short-term 9-day moving average above the long-term 21-day moving average.
BONKs daily price chart suggests the ongoing upside correction. If the bullish momentum persists, the meme coin could likely test the resistance at $0.00002372. Further gains might drive BONK to hit high targets.
On the flip side, if BONK fails to hold its ground on the upside, the meme coin will slip to its support zone at $0.00002105. A steady decline might appear if the meme coin falls back steadily.
Besides, the Moving Average Convergence Divergence (MACD) indicator is found above the signal line, hinting at the assets upward momentum and the incoming bull run.
Meanwhile, the Chaikin Money Flow (CMF) is positioned at 0.18, indicating the increased money flow, and consequently, BONKs trading volume has surged by over 228%.
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Read more: https://thenewscrypto.com/bonk-may-extend-uptrend-if-it-tests-this-resistance/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
