BONK (BONK) Crypto Struggles to Cross the Resistance Level of $0.00006000 Despite Recent Upsurge

Over the past week, the BONK coin has lost 20% and has retested the 20-day EMA support line. The current market conditions raise questions

The price of cryptocurrency BONK (BONK) has struggled to cross the resistance level of $0.0000600 despite recent upsurges.

Over the past week, the BONK coin has experienced a decline of 20%, leading to a retest of the 20-day EMA support line. This price movement has raised questions about whether the recent price rally will be sustainable or merely a temporary retracement.

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Crypto Whale Moves $14.43M BONK To Coinbase

A well-known cryptocurrency whale has recently made a big move. The whale transferred Coinbase $14.43 Million worth of BONK tokens, totaling 308.166 billion.

According to Arkham, the whale: 6VaxPg…CEJsMvK transferred all of its 308.166b BONK to Coinbase at 15:49 UTC+8 today, worth about $14.43 million. The whale first held BONK on December 18, 2023, and gradually increased its holdings of these BONKs from December last year to April…

Moreover, another whale withdrew $558,000 worth of $BONK from Binance. These movements have sparked speculation about the whale strategies amid the price retracement.

BONK Price At Press Time

At press time, the BONK price was trading at $0.00004276, with an intraday rise of over 1.23%. Its market cap surged to $3.22 Billion, ranking 40th among the top crypto coins.

The total supply stood at 92.69 Trillion, and the fully diluted market cap was 3.97 Billion. In a recent tweet, Kings Charts highlighted the completion of the BONK coin retest.

$BONK retest is done Now Send it Higher #LetsBONK 10B https://t.co/BPRQ1zHZOP pic.twitter.com/ds5mThiPeo

Moving forward, a significant upsurge could be observed in the upcoming sessions. The BONK crypto rebound above the immediate resistance level at $0.00005000 might provoke a steady uptrend.

Analysis of BONK Coin’s Recent Performance and Outlook

During the daily timeframe, the BONK coin has experienced a strong upward momentum amidst rising buying pressure. However, the token has faced rejection from the supply region of $0.00006000 and dropped to the 20-day EMA zone.

The reversal from the $0.00000600 resistance last week set the stage for the bears to provoke a streak of red candles. As a result, BONK crypto has lost nearly 20% of its value over the past seven days.

The BONK price found support around $0.00004000. Furthermore, it saw a significant price pullback during the intraday sessions.

The Relative Strength Index (RSI) line remains at 56, representing a slightly bullish outlook. However, buyers should wait for a sustained close above $0.0000500.

That could gauge the chances of a confirmed uptrend in the following sessions.

Moreover, the Awesome Oscillator closed above its equilibrium. However, it faced a few red lines on its histogram over the past sessions.

Market Insights: Highlights from the Derivatives Data

Coinglass data showed bullish sentiment among the market participants. Moreover, the OI-weighted funding rate remained positive at 0.0287%.

Traders were positioning themselves for potentially more significant moves, with a slight preference for long positions. The Open Interest (OI) has surged over 1.24% to $22.26 Million over the past 24 hours.

Liquidation data painted an optimistic picture for the BONK coin. Long positions have outpaced short positions, amounting to $99k versus $66k.

The immediate support zones were $0.00004100 and $0.00003800. At the same time, the resistance levels were $0.00004800 and $0.00005200.

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.