In the past 24 hours, Bonk (BONK) has demonstrated a notable resurgence, posting a 7.37% rally and pushing its value to $0.00001851. This comes after a turbulent period marked by significant losses, with BONK seeing a 28.79% drop in the past week and a 46.55% decline over the last month. Despite these setbacks, the recent bullish wave is sparking renewed optimism that the token could regain its previous strength and erase recent losses.
One key indicator of BONK’s renewed bullish sentiment is the surge in buying interest among derivative traders. OKX, one of the leading crypto exchanges, has seen a noticeable increase in long positions, as evident from its Long/Short Ratio crossing above 1. This ratio, which compares the number of buyers to sellers, indicates more market participants are betting on a price rise. With OKX traders’ ratio at 1.91, and the overall market ratio at 1.0396, the momentum is undeniably leaning towards the bulls.
In addition, the Open Interest Weighted Funding Rate has turned positive at 0.0051%, signaling an increase in long positions. This shift suggests that long contracts are gaining more favor, adding to the bullish narrative.
Technical analysis also shows promising signs for BONK. The asset is currently trading within a descending price channel, but key support levels at $0.00001862 and $0.00001582 could act as a foundation for a potential rally. Should the price hold above $0.00001862, BONK could see a substantial gain of up to 192%, reaching as high as $0.00005444. However, if the price dips, the lower support level may offer a rebound, though further downside risks remain.
Despite a bearish reading from the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI), which suggests a potential further drop, the RSI’s position in the oversold region below 30 hints at seller exhaustion. This suggests that a recovery is imminent, and BONK could soon see a reversal, offering cautious optimism for traders.
Also Read: Bitcoin (BTC) Dips to $98K: Bearish Signals or a Buy-the-Dip Opportunity?
Will BONK maintain its bullish momentum, or will the downtrend persist? Only time will tell.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of CoinBrief.io. Before making any investment decisions, you should always conduct your own research. Coin Brief is not responsible for any financial losses.
