BONK Price Rises 10% in 24 Hours with $500 Million Volume: Can It Pass Shiba Inu?

BONK has risen 10.35% in the past 24 hours while meme coins fell 1.4%.

Indicators suggest further upside.

BONK rose 19.28% last week. This strong growth contrasts with Bitcoin (BTC) and Ethereum (ETH) losses and retracements.

BONK is regaining from its 20.27% loss during the previous month.

Despite recent price declines, BONK's trading volume has increased 99.02% in the previous 24 hours.

Can BONK Price Break Shiba Inu?
The BONK price is poised for additional gains after its early morning jump.


Most importantly, BONK looks to be nearing a retest of the $0.00002568 support level (dark grey) after failing to break resistance. A decisive rebound off this support would signal resilience and upward potential.

After failing its resistance test, the meme coin's relative strength index (RSI) (purple) dropped to 55 from 85, supporting this possibility.

The minor price drop reflects a slowdown from overbought to steady circumstances.

Technical analysis of BONK price chart. Source: Binance.

Despite being neutral, 55 is bullish. Thus, this might be a cool down, strengthening the base before additional upward.

Wider patterns imply this. Most importantly, the 30-day moving average (yellow) is rising sharply, easily above the 200-day (blue), which is rising moderately.

Although BONK corrected, it has tremendous short-term momentum. Additionally, the asset's long-term trend is strengthening, boosting its prognosis.

Can this challenge Shiba Inu's dominance? Technical indications predict short-term price gains, but fundamentals will likely drive long-term development.

For a chance at the podium, traders are switching to meme currencies with genuine usefulness, not simply popular memes and a loyal following.


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