Over the past 24 hours, memecoins have experienced a strong growth. Amid this recovery, Bonk [BONK] is no exception. After a week of sharp decline, BONK has made a major recovery over the past 24 hours.

At the time of writing, BONK is trading at $0.00002289. This marks a 41.66% increase on the monthly chart and extends the bullish trend by 13.65% over the past 24 hours.

Its trading volume has seen an exponential increase, rising 106.96% to $253.14 million. Meanwhile, memecoin's market capitalization has increased 12.14% to $1.64 billion, according to CoinMarketCap.

Prior to these gains, BONK was in a downtrend, down 6.47% over the past week.

Recent market conditions raise questions about whether BONK is on the verge of a sustainable recovery.

TinTucBitcoin analysis shows that BONK is experiencing strong market support. According to Market Prophit, the memecoin is gaining favor with the market.

The crowd sentiment is positive at 0.0577 while the Buzz score is 1.006. Such positivity implies growing investor favor towards this memecoin.

What BONK's Charts Suggest

According to TinTucBitcoin analysis, BONK has seen renewed interest in the past 48 hours.

This demand is indicated by the rising relative strength index (RSI). At the time of writing, BONK’s RSI is at 59 after rising from 35.6 in the past 48 hours. Such an increase indicates increased buying activity as new buyers enter the market.

Therefore, the recent decline has created a buying opportunity for newcomers, creating buying pressure. As such, buyers are starting to take control, which is reflected in the 100% increase in trading volume over the past day.

Additionally, BONK's weighted odds have turned positive after being negative for most of the past week.

This shift shows a change in market sentiment among investors as they start taking long-term positions.

Higher demand for long positions than short positions suggests that investors are confident in the prospects of this memecoin.

Finally, BONK long liquidation has approached from a high of $767.6k to $8.72k at the time of writing.

This decline shows that even in down markets, long position holders still have to pay a fee to hold their positions.

This market behavior suggests that long-term investors remain bullish on memecoin's direction.

With buyers currently dominating the market, this memecoin has a chance to continue growing.

In the short term, BONK will attempt to reach the resistance level of $0.00002524. A breakout from this level will further consolidate memecoin to retake the July price around $0.00002815.