Bonk (BONK) emerged as one of the memecoins that started to prove itself strongly over the weekend. As Bitcoin (BTC) approaches the $64,000 local supply zone, some altcoins have recorded their own short-term gains, outpacing BTC in the process.
BONK is one such altcoin. There has been an increase of just over 10 percent in the last 24 hours. Even though it was a weekend, there was a 152% increase in daily trading volume, adding some solidity to the rally.
Coinalyze data showed that BONK Open Position also increased by 33.9%. Strong speculative demand and spot volume indicated that the potential rise in BONK would continue in the coming days.
Therefore, AMBCrypto took a closer look at the price action to understand what trends swing traders can expect next.
BONK’s long-term trend has not changed decisively yet
swing structure memecoin It showed a downward trend in the 1-day period. This structural break came in early June (green) and a new low was recorded at $0.00000391.
Since we published this low figure, BONK It jumped by 27.88% in 9 days. At the time of this writing, it was being challenged at $0.000005 in a local supply area.
On the daily time frame, the RSI moved above neutral 50 and OBV, like the price, appeared to be approaching the local high in mid-June. But still, investors and swing traders should remember that the higher time frame trend remains bearish.
A price bounce up to the 78.6% Fibonacci retracement level of $0.00000737 may be possible. The $0.0000061-0.0000073 area is a place that could initiate the next push move to ensure the continuation of the downtrend structure.
Investors’ call to action – Bullish with caution
The local resistance level of $0.000005 was momentarily breached, but BONK faced a slight pullback in the last trading hours. If this level turns into support, it may present a short-term buying opportunity.
Upside price targets will be $0.0000061 – $0.0000073 in line with the higher timeframe structure.
Tradesmen also need to pay attention bitcoin trends. A sell-off in the leading cryptocurrency could quickly extinguish the glimmer of hope of recent days and cause BONK prices to drop once again.
Final Summary
- BONK has made a significant price movement in the last 24 hours, supported by strong trading volume.
- The higher timeframe structure has been bearish, but the current bounce has a further 21%-46% chance of increasing.
