The post BONK’s bullish week: As trading volume surges 108%, what’s next? appeared on BitcoinEthereumNews.com.

contributor Posted: September 25, 2024 BONK has surged by 11.75% over the past week. A shift in market sentiment sees BONK’s trading volume surge by 108.39%. Over the past week, memecoin markets have made a significant recovery in every aspect. Bonk [BONK], similarly, was not left behind. As of this writing, BONK was trading at $0.00001856, marking an 11.75% increase over the last seven days. These gains on price charts have further been supported by increased demand. Over the past 24 hours, BONK’s trading volume surged by 108.39% to $161.3 million. Its market cap increased as well, hiking by 5.69% to $1.31 billion over the same period. Prior to these gains, BONK had been on a downward trajectory declining by 10.76% on monthly charts. Despite the recent uptick, the memecoin remained 20.14% below its recent high of $0.00002324, and down 58.5% down from its ATH of $0.00004547. Therefore, the current gains show signs of life, reviving optimism for the memecoin’s future prospects. What BONK’s charts suggest According to AMBCrypto’s analysis, BONK has broken out from a descending trendline. Over the past week, the memecoin has experienced a strong upswing, suggesting a sustained uptrend. Thus, with the current market conditions amidst renewed memecoin frenzy, the memecoin could make more gains. Source: TradingView For example, BONK’s Relative Strength Index (RSI) has been rising from a low of 43.4 to 55.73 at press time. This indicated higher buying pressure than selling pressure as indicated by a surge in trading volume. Source: Coinglass Looking further, BONK’s total liquidation for long liquidation for long positions has declined over the past three weeks, hitting a low of $26.15k at press time. A decline in liquidation for longs implied that investors were willing to pay a funding fee during market downturns to hold their positions. This showed…

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Filed under: News - @ September 25, 2024 6:24 pm