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- The BONK crypto price has traded in green for 16 days in the last 30 days.
- Bonk’s price has advanced by 7865% in the previous 1 year.
BONK, created by Dexlab, is a community-focused cryptocurrency on the Solana blockchain. It is used for governance, rewards, and ecosystem development.
Launched in 2017, it supports NFTs, DeFi, and gaming within the Solana network. Key features include decentralized decision-making, community rewards, and multi-chain integrations to enhance its utility and adoption.
The derivatives traded volume of the Bonk crypto has witnessed a surge of 60% in the last 24 hours. The spot volume of the crypto has also advanced by 42%.
$953.392M worth of Bonk cryptocurrencies have been traded over the last 24 hours. Its market cap was $2.791B at press time. Its ranking was #44, as per CoinMarketCap.
The crypto’s volume/market cap ratio is 33.2%, which shows huge liquidity in its price. Also, the fully diluted market cap of the crypto is $3.858B, and its sentiment is bullish, as per Coincodex.
BONK Crypto Derivatives Analysis
The long and short liquidation for the crypto has been almost the same over the last 24 hours. Also, the overall liquidation of the crypto in the previous 24 hours is worth $689.8K.
The value of the derivatives traded volume for the crypto is $244.98M, and the open interest in the crypto has also advanced over the last 24 hours.
Also, the liquidation chart of the BONK crypto shows higher short liquidations over the last few days, which shows the buyers’ dominance in the crypto’s price.
BONK Crypto Technical Analysis
The price of the BONK crypto can be seen trading in a strong uptrend as the price of the crypto has advanced by 80% in just the last 20 days.
The declining behavior of the crypto price from March 2024 to April 2024 led to the formation of a descending triangle pattern on the daily chart.
The trading price of the BONK further broke out above the pattern on 23rd April 2024. This breakout led to a strong surge in the trading price of the crypto, followed by a change in its character to bullish.
BONK/USD Chart by TradingView
The daily chart of the BONK crypto shows strength in the price, which is trading above the 50-day EMA.
BONK’s price has also broken above the higher band of the Bollinger Band, which shows an advance in the momentum of the crypto.
The RSI at press time is trading at a level of 74.9, which shows strong momentum in the trading price of the crypto. The RSI has broken above the 14-day SMA and has sustained above the same.
The MACD also signifies a strong buy signal as the MACD and the signal line have advanced to the bullish trajectory and are trading in a golden cross.
Summary
BONK has surged over 80% in the last 20 days and 7865% in the past year. The crypto shows solid bullish momentum with rising derivatives volume, high liquidity, and favorable technical indicators like a bullish RSI and MACD. Recent breakout patterns suggest a potential further upside in BONK’s price.
On the daily chart of the BONK crypto, the support levels are $0.0000130 and $0.0000210. Moreover, the resistance levels for the crypto are $0.0000410 and 0.0000470.
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.
