Key takeaways
BONK is the very best performer among the many prime 100 cryptocurrencies by market cap, up 20% within the final 24 hours.
The memecoin has added 60% to its worth in seven days and now eyes the $0.000040 resistance.
BONK outperforms different main cryptocurrencies
BONK, Bonk’s native token, is the very best performer among the many prime 100 cryptocurrencies by market cap. The memecoin has added 20% to its worth prior to now 24 hours and now trades at $0.00003426 per coin.
The rally comes amid renewed optimism in crypto markets, with altcoins main the cost. Memecoins are at the moment outperforming different narratives, with DOGE, WIF, SHIB, FLOKI, and PEPE all within the inexperienced.Â
Moreover, this rally is fueled by BONK’s inclusion on Grayscale’s institutional surveillance record. The milestone legitimizes the memecoin within the eyes of broader market members.
BONK eyes $0.000040 resistance amid rising demand
The BONK/USD 4-hour chart is at the moment bullish because of the memecoin’s glorious efficiency. The technical indicators are extraordinarily bullish, suggesting that consumers are in agency management.
The pair is ready to problem the $0.000035000 degree, a psychological barrier that might open room for additional upside if the broader rally continues. If the rally continues, BONK may take a look at the foremost resistance degree at $0.00004047, setting a brand new yearly excessive within the course of. Nevertheless, it might want the assistance of the broader market to hit the $0.00004870 resistance degree within the quick time period. BONK would probably drop to the $0.00003069 degree to achieve effectivity earlier than it resumes its rally.
The RSI of 80 reveals that BONK is at the moment within the overbought area and will face a slight retracement quickly. The MACD strains are additionally within the bullish zone, indicating that consumers are at the moment in command of the market.
On the draw back, if bears regain management, BONK may retest the TLQ degree at $0.00002705 within the quick time period. An prolonged bearish run would permit BONK to drop to the final main Break of Construction (BoS) at $0.00002476.
