Memecoin Bonk (BONK) has attracted attention with its resilience in the markets in recent days, registering an impressive 132% price increase. This rise reflects the bullish sentiment that is generally prevalent among traders and the strong optimism seen in trading metrics. In particular, the Long/Short ratio of 1.002 stands out as a key trading indicator supporting this bullish trend.
"The 35% increase in open interest in BONK shows that traders are showing increased interest and are expecting a potential price rally," he said.
This article takes a detailed look at Bonk’s recent price rally, technical patterns, and bullish views of traders, as well as discusses potential price action.
Bonk (BONK) has managed to grab the attention of crypto investors by breaking out of an ascending triangle pattern on its weekly chart. This technical pattern suggests that BONK has more potential for gains. If BONK can make a weekly close above $0.000040, it could see a massive 240% rally. In this case, it is stated that the target price could be $0.00014. However, this expected increase is completely dependent on the current market sentiment and whether traders can maintain their bullish views. If this bullish sentiment continues, BONK could reach its target levels, which could attract more interest.
On-chain analysis supports an optimistic price outlook for BONK. According to Coinglass data, the Long/Short ratio remains around 1.002, indicating that BTC is gaining slight priority among traders and reinforcing bullish sentiment in the markets. This indicates that the overall market sentiment is positive.
In addition, Open Interest in BONK’s futures has increased significantly by 35% in the last day. In just four hours, a 14% increase was recorded. This increase indicates that traders are actively increasing their positions and are staying in the market safely after the recent price increase. This data shows that bearish trends are weakening and traders are starting to show more confidence. Such conditions indicate that BONK may experience a significant price increase in the short term.
According to the latest data, BONK’s price is trading around $0.000040 and has increased by more than 25% in the last 24 hours. This price increase has been paralleled by increased market interest and trading volume. A 30% increase in trading volume during the same period indicates that more traders are starting to enter the market and BONK is consolidating above critical price levels, strengthening the bull trend.
In conclusion, Bonk (BONK) appears to have strong bull potential in terms of both on-chain metrics and market sentiment. If the current trend continues, the price can be expected to climb higher.