BONK Crypto (BONK) Analysis: Uptrend as the price of the crypto has advanced by 80% in just the last 20 days

BONK, created by Dexlab, is a community-focused cryptocurrency on the Solana blockchain. It is used for governance, rewards, and ecosystem development.

BONK crypto price has surged over 80% in the last 20 days. The cryptocurrency’s derivatives volume also witnessed a 60% surge.

Key Points:

BONK crypto price has surged over 80% in the last 20 days.

The cryptocurrency’s derivatives volume also witnessed a 60% surge.

Technical indicators suggest a potential further upside in BONK’s price.

BONK crypto price observed a remarkable surge of over 80% in the last 20 days, as highlighted by the increasing buying pressure. The cryptocurrency’s derivatives volume also witnessed a 60% surge during this period.

After a slight decline in derivatives volume on 23rd April 2024, it quickly recovered the following day. This surge in derivatives volume indicates traders’ increasing interest in BONK’s price action.

Moreover, the high liquidity in BONK crypto, as indicated by its volume/market cap ratio of 33.2%, enhances its accessibility in the cryptocurrency market.

The recent breakout patterns and technical indicators suggest a potential further upside in BONK’s price. However, traders should exercise caution and monitor the market closely before making any decisions.

BONK’s price has surged 7865% in the past year. The cryptocurrency’s strong bullish momentum is evident in its rising derivatives volume, high liquidity, and favorable technical indicators. Recent breakout patterns also suggest a potential further upside in BONK’s price.

BONK Crypto Technical Analysis: Surging Price Momentum

BONK crypto price trades in a strong uptrend, surging 80% in 20 days.

After declining from March 2024 to April 2024, a descending triangle pattern formed on the daily chart.

BONK’s price broke out above the pattern on 23rd April 2024.

This breakout triggered a sharp rally, changing the crypto’s character to bullish.

BONK/USD Chart by TradingView

The daily chart of BONK crypto shows strength in its price, which trades above the 50-day EMA.

BONK’s price has also broken above the upper Bollinger Band, indicating an increase in the cryptocurrency’s momentum.

RSI at press time is 74.9, denoting strong momentum in the crypto’s trading price. RSI has broken above the 14-day SMA and remained above it.

MACD also signifies a strong buy signal, with MACD and the signal line advancing in a bullish trajectory, forming a golden cross.