The post BONK rallies 15% as bullish momentum strengthens – More gains ahead? appeared on BitcoinEthereumNews.com.

contributor Posted: November 12, 2024 BONK has continued to rally after an over 38% gain in the last seven days.  A bullish crossover on the one-day chart suggests more gains for the memecoin. Bonk [BONK] is mirroring the gains across the broader cryptocurrency market. At press time, the memecoin traded at $0.00002507, after rising by more than 38% in just seven days. During this time, BONK’s market capitalization increased from $1.2 billion to $1.8 billion.  Market interest in this altcoin continues to rise as in just 24 hours, trading volumes had surged by more than 272% per CoinMarketCap.  BONK’s rally has coincided with that of Dogecoin [DOGE] and Shiba Inu [SHIB], an indication that meme coins are amassing buyer interest.  On its one-day chart, BONK showed strong bullish sentiment after the 50-day Simple Moving Average (SMA) crossed above the 100-day SMA. This crossover coincided with a bullish candle, highlighting the strength of the uptrend.  Source: Tradingview Buyers are driving these gains, as the Relative Strength Index (RSI) with a value of 65 showed. This metric is tipping north after crossing above the signal line, suggesting that the buying pressure is gaining strength.  If buyers can keep up the momentum, BONK could rally by 32% to the next resistance level at the 1.618 Fibonacci level ($0.00003447).  Analyzing BONK’s derivatives data  The derivatives market shows mixed sentiment towards BONK. Trading volumes for the meme coin have surged by more than 167% to $198M at press time showing that futures traders are increasingly betting on BONK’s future performance.  However, the declining open interest shows that there is a decline in the open positions on BONK. This shows that futures traders are taking caution due to volatile price swings. Source: Coinglass The long/short ratio at 0.95 suggests that short positions are more than long…

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Filed under: News - @ November 12, 2024 3:27 am