- BONK is currently trading at $0.000028 after a 3% spike.
- The meme coin’s trading volume has jumped by over 25%.
The broader crypto market waves the red signal across the assets, with the prices retracing to their recent lows. The meme coin market cap has reached $71 billion, with a brief spike. However, all prominent meme coins like DOGE, SHIB, and PEPE are recording downside pressure.
Meanwhile, the Solana-based meme coin BONK traded at a bottom level of $0.00002625 in the early hours. Later, with the bullish presence, the price has ascended to a high of $0.00003051, breaking past its crucial resistance level between $0.00002632 and $0.00003047. If the asset could hold the upside trading pattern, unforeseen targets can be reached.
BONK currently trades at around $0.00002814, with a 3.31% gain at the time of writing. The meme coin’s market cap has reached $2.28 billion, with its daily trading volume increased by over 25%, likely touching $1.35 billion. In addition, the market has recorded $1.34 million worth of BONK liquidated in the past 24 hours, as reported by Coinglass data .
What Lies Ahead for BONK?
BONK’s price chart exhibits the recent brief correction on the upside. If the bulls could sustain the active momentum, the price of the meme coin might test the resistance at $0.00002820. An extended gain would trigger the price toward a high target above $0.00002826. On the support side, if the meme coin fails to hold on to the upward momentum , BONK could slip to its support range at $0.00002808. A steep fall might send the price to its recent low of around the $0.000027 zone.
BONK chart (Source: TradingView )
The four-hour technical analysis highlights that the Moving Average Convergence Divergence (MACD) line has briefly crossed over the signal line. It indicates a short-term shift in momentum rather than the start of a strong uptrend. Besides, the Chaikin Money Flow (CMF) indicator stationed at 0.10 indicates a moderate buying pressure in the market, with the money flowing into the asset, showing a bullish sign.
BONK’s current market sentiment is bullish and may approach the overbought territory , as the daily Relative Strength Index (RSI) settles at 65.23. It shows that there is more room for upside. Moreover, the Bull Bear Power (BBP) reading of 0.00000220 signals weak bullish strength in the market. A stronger push from the sellers could flip the trend.
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