BONK Surged 17.40% in a Week; Bears are Shivering above $0.000026

• BONK price has exceeded the $0.0000269 supply level.
• Technical indicators summary suggests a positive signal in the current phase.
• The trading volume has increased by 70.93% in the last 24 hours.

Launched on December 25, 2022, Bonk (BONK) is a memecoin similar to Shiba Inu (SHIB) and Dogecoin (DOGE). It claims to be the first dog-themed coin on Solana “for the people, by the people.” The developers’ main goal is to bring back liquidity to Solana-based decentralized exchanges (DEXs). BONK uses a unique combination of Proof-of-History (PoH) and Proof-of-Stake (PoS) consensus mechanisms.

BONK Year-to-date Returns have Exceeded 100%

The Bonk price witnessed a potential reversal from the $0.0000092 support level in February 2024. In January 2024, the token price had a bullish correction period, which resulted in a decline of 19.76%.

However, the price is showing positive returns for the last two months. It recovered 107% in February and 22.31% in the current month. The price made a new all-time high remark of $0.00004704 twenty-five days ago and is moving toward it.

Bonk’s fully diluted market valuation is assumed to be $2.52 billion, with a maximum supply of 93.52 trillion BONKs. 65.19 trillion tokens are in current circulation, which has a total market capitalization of $1.75 billion.

Price to Volume and Social Dominance Analysis

The social buzz is not very appreciable compared to the other cryptocurrencies. Conversely, the price and volume gained attention after February 29, but the social dominance remained below 0.803% in the entire crypto world.

24-hour trading volume is at $383 million, ranked 32nd among all 9,342 active cryptocurrencies. The volume-to-market capitalization ratio (VMR) is at 21.91%, reflecting higher liquidity in the BONK crypto.

Technical Analysis of the BONK Token

The current price is moving above the 50-day exponential moving average, reflecting a bullish trend. Bonk price made a retracement on the 50-day EMA on March 19, 2024, which can lead to the continuation of the uptrend.

Bonk price faced profit bookings from the $0.00004704 all-time high. The price fell over 55% to the $0.0000193 decisional POI. BONK price has given a closing above the $0.0000269 supply level and is moving toward the $0.0000341 immediate resistance.

If the Bonk price sustains above the $0.0000341 resistance, it will surge to reclaim the all-time high price.

Furthermore, the relative strength index (RSI) is moving parallel to the spot price chart, reflecting neutrality in the current sessions. At the time, RSI is at 53.63 above the signal line.

Summary

Bonk price has gotten massive attention from crypto investors after February 25, 2024. The price surged over 320% in nine days, creating a new all-time high at $0.00004704. Afterward, the traders booked profits, which resulted in a bullish correction to the $0.0000193 decisional POI. At press time, the price has given a closing above the $0.0000269 supply level. Bonk can reclaim the all-time high price if it sustains above the $0.0000341 resistance.

Technical Levels

• Resistance Levels: $0.0000341 and $0.0000476
• Support Levels: $0.0000253 and $0.0000193

Disclaimer

The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.