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Cryptocurrency News Articles
Bonk (BONK) Price Prediction: Market Sentiment Shifts Bullish as Memecoin Breaks Descending Trendline
Sep 26, 2024 at 01:30 am
Over the past week, memecoin markets have made a significant recovery in every aspect. Bonk [BONK], similarly, was not left behind.
Bonk [BONK] price analysis: Memecoin recovers after a seven-day decline
Over the past seven days, memecoin markets have shown a significant recovery in every aspect. Bonk [BONK], a memecoin that pays homage to the popular canine meme, was not left behind in this market rally.
At press time, BONK was trading at $0.00001856, showing an 11.75% increase over the last seven days. These gains on price charts were further supported by increased demand.
Over the past 24 hours, BONK’s trading volume surged by 108.39% to hit the $161.3 million mark. Its market cap also increased by 5.69% to hit $1.31 billion over the same period.
Prior to these gains, BONK had been on a downward trajectory, declining by 10.76% on the monthly charts. However, despite the recent uptick, the memecoin remained 20.14% below its recent high of $0.00002324. It was also down 58.5% from its ATH of $0.00004547.
Therefore, these current gains showed signs of life, reviving optimism for the memecoin’s future prospects.
What do BONK’s charts suggest?
According to AMBCrypto’s analysis, BONK has broken out from a descending trendline. Over the past week, the memecoin has experienced a strong upswing, suggesting a sustained uptrend.
Thus, with the current market conditions amidst renewed memecoin frenzy, the memecoin could make more gains.
For example, BONK’s Relative Strength Index (RSI) has been rising from a low of 43.4 to hit 55.73 at press time. This indicated higher buying pressure than selling pressure as indicated by a surge in trading volume.
Looking further, BONK’s total liquidation for long liquidation for long positions has declined over the past three weeks, hitting a low of $26.15k at press time.
A decline in liquidation for longs implied that investors were willing to pay a funding fee during market downturns to hold their positions. This showed investor confidence in BONK’s future potential.
Finally, the memecoin’s OI-Weighted Funding Rate has been positive over the last two days suggesting a shift in market sentiment.
When this metric turns positive, it suggests that long position holders are willing to pay short position holders. Such market behavior reflects bullish sentiment where more traders are betting on the prices to increase.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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