Bonk price jumps 14% as investors snap up bargains on $500 million in volume
The market as a whole has grown, with meme coins seeing an average gain of 12.92%, while the BONK price in particular has surged by 14.33% in the last day. Right now, the market signs are pointing to the possibility of further increases.
This current surge is a welcome change from BONK's prior price trend, which was a steep 27.48% loss since last Tuesday, mirroring the market sentiment of other prominent cryptocurrencies.
Even if it has made a partial recovery, BONK has lost 9.76% in the last month, wiping out much of the gains over the last few weeks.
Trading volume peaked at almost 500 million in the past day, indicating that traders are eager to take advantage of these cheaper pricing.
Looking at the charts more closely, it seems that BONK is doing well.
Bonk price chart accompanied with analytical data. Binance is the source.
The most important development is that after falling below $0.00001815 yesterday, BONK has recovered this crucial long-term support level. What this means is that the asset's fundamental demand is still high, even with the decline,
This is supported by the fact that the meme coin's relative strength index (RSI) (purple) is now hovering around 60, having been suppressed below 50 for the last four days.
Despite being neutral, the extended period spent stuck in the negative to oversold area makes a move into bullish territory all the more noteworthy. There may be a turning point in the price of BONK at this moment.
The 20-day moving average (yellow) has broken the downtrend that has persisted for the previous two weeks, lending credence to this. The 200-day moving average (blue) is still in a downtrend, suggesting that the long-term trend is still negative even if the short-term trend is improving.
Since Bonk is on the mend, it's not unreasonable to anticipate further gains in the near future; the $0.000022 level should be closely monitored.
