Bonk Price Surges 14% as traders Buy the Dip with $500M Volume
Over the past 24 hours, the BONK price has experienced a notable surge of 14.33%, contributing to an overall market growth with meme coins averaging a 12.92% increase. Market indicators currently suggest potential for further gains.
This recent uptick provides some respite from BONK’s previous price trajectory, which saw a significant drop of 27.48% since last Tuesday—a decline that reflected broader market trends among other notable cryptocurrencies.
Despite recovering somewhat, BONK has still lost 9.76% over the past month, erasing much of the progress made in recent weeks.
Nonetheless, traders have shown keen interest in capitalizing on these lower prices, with trading volume reaching a peak of approximately 500 million in the last day.
A closer look at the charts suggests that BONK is showing strength.
Most significantly, BONK has reclaimed key long-term support at $0.00001815 after dipping below it yesterday. This suggests that, despite the dip, the underlying demand for the asset remains strong,
A prospect reinforced by the meme coin’s relative strength index (RSI) (purple), standing around 60 after being suppressed below 50 over the past four days.
Although neutral, a break into bullish territory is significant after being held in the bearish to oversold range for so long. This represents a potential turning point for the BONK price.
Wider trends support this, with the 20DMA (yellow) breaking the downtrend that has held strong over the past two weeks. While the short-term trend is improving, the long-term trend remains bearish, with the 200DMA (blue) continuing its downtrend.
Therefore, it would be reasonable to expect further gains in the near term as Bonk recovers, with the $0.000022 mark being the next level
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