BONK has declined to lows after forming a double top.
The sentiment is bullish according to analysts.
Bonk coin is built on the Solana platform and was launched on 8 February 2020. It hit its all-time high price of $0.00004704 four months ago. At press time, the trading price of the coin is down by 44% from its ATH.
Bonk has 15.5K holding addresses, and its top 10 holders have 75.13% of the supply. Also, the largest holder has 75.261 Billion BONKs, which is 37% of the coinâs circulation supply.
BONKâs volatility has been high, resulting in 7.29%, which shows a possibility of uncertain spikes in the price. Additionally, the coin has a strong market presence followed by a market cap dominance of 0.08%.
The maximum supply of the coin is certainly high, and the supply inflation is huge (44.55%). This shows a huge deflation in the price of the coin over time.
The fear and greed index of the Bonk coin is at 65, which shows greed among the coin investors. The coin has huge liquidity, followed by a volume/market cap ratio of 25.23%.
BONK Coin Derivatives Data Analysis
An 80% surge in the derivatives trading volume of the coin was recorded in the last 24 hours. This has resulted in a traded value of $126.44 Million, following which the open interest advanced by 16.5%.
BONK Coin Derivatives Liquidation Chart:
The liquidation chart of the BONK coin shows a surge in short liquidations over the last few days. Also, in the previous 24 hours, the recorded short liquidation of the coin is worth $165.55K, against which the long liquidations of the coin are worth $90.13K. This shows that buyers are taking over.
BONK Coin Technical Analysis
The crypto has demonstrated remarkable resilience, sustaining above a dynamic trendline for over five months. This trendline has provided support repeatedly, underscoring its significance in maintaining price stability.
BONK Coin Daily Price Chart | Source: Tradingview
Recently, the chart displayed a double-top formation at higher levels, which initially led to a decline in price. Following this dip, the price again found support at the dynamic trendline.
At the time of writing, the coin experienced buying pressure after rebounding from the dynamic trendline. This has formed a bullish candlestick pattern, indicating a potential upward momentum.
BONK is approaching the downtrend ATR of the Supertrend. An uptrend could follow if this level is breached, marking a significant shift in the coinâs price trajectory.
BONK broke above the 20-day and 50-day EMAs on the daily chart. Despite this upward movement, a death cross remains visible. If the price continues to sustain above these EMAs, a golden cross would be likely.
The MACD and the signal line exhibited a golden cross, though other metrics continued to trade negatively. The histograms on the MACD indicator further support a bullish sentiment, suggesting that an upward trend may be on the horizon.
The RSI has been trading at 54 and advanced above the 14-day SMA. This shows a possibility of a rise in the bullish momentum of the coin. BONK has faced multiple rejections, yet it remains resilient, sustaining above a crucial trendline.
Although technical indicators like the MACD and RSI suggest potential bullish momentum, the presence of a death cross and high volatility signal uncertainty. Investors are cautious, watching for a breakout above key resistance levels.
The support levels for BONK are $0.0000130 and $0.0000180, followed by the resistances of $0.0000420 and $0.0000550.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
