Bonk Gains Momentum: Memecoin Rallies Amid Bitcoin Stability
In recent days, there has been a surge in demand and a strong sense of optimism for Bonk. According to CoinMarketCap data, the memecoin’s price increased by 2.41% in the last day, while open interest increased by 8%. Another market with bullish vigor was the speculative activity.
The altcoin market, including the memecoin space, was likely affected by Bitcoin price fluctuations. A decline below the $107.3k mark might cause the short-term market forecasts to turn negative. BONK has a decent potential of challenging and surpassing the local highs if the pioneer coin keeps trending higher or sideways.
BONK Trading Volume Soars as Price Smashes Key Resistance Levels
The first real indication of improvement was the move above $0.000018 on July 5. AMBCrypto emphasized the optimistic short-term outlook for BONK in a recent research report. The robust rally over the $0.00002 round-number resistance indicates that this has happened.
The trading volume bars displayed impressive daily trade volumes over the last three days, and the OBV skyrocketed over the May highs. The price of BONK cryptocurrency may rise, approaching the May high of $0.000025, as a result of this spike in demand. The 23.6% extension level at $0.0000298 was a feasible price goal for the bulls, according to the Fibonacci levels.
BONK Bulls Push Higher: Can the Rally Survive the Magnetic Resistance Zone?
Expectations from the price chart were validated by the liquidation heatmap. The magnetic zone that was between $0.0000256 and $0.0000262 was quite large. Given the concentration of liquidation levels in this area, a bearish reversal was conceivable.
Given the robust demand and momentum driving the bulls, the liquidity cluster overhead may only result in a slight decline before a subsequent try at a higher price. BONK traders who are currently in long positions may thus want to look to grab profits at $0.000026 and hold off on moving further till price action develops.
For more up-to-date crypto news, you can follow Crypto Data Space.
