- Bonk trading volume surged by 17.7% as prices soar by 18.77%
- An analyst is eyeing a surge to reach $0.000027
BONK the fifth largest memecoin by market capitalization has experienced considerable price movement over the last seven days.
At press time, the memecoin was trading at $0.00002126 on the charts. This marked a 3.29% price hike over the last 24 hours.
Before this price action, however, the memecoin had experienced a significant price decline hitting a low of $0.00001552.
Although Bonk has made significant gains, it remains relatively below its recent high of $0.00003391. Thus, the main question among key analysts is whether the memecoin will experience further gains.
According to widely known Crypto analyst Manofbitcoin, Bonk has broken out of wave 1 of the Elliot cycle wave.
Market sentiment
Source: X
In his analysis, Manofbitcoin posited that the memecoin will reach $0.000027 when it hits the third wave of the wave.
The third wave is significant since it results in the strongest, and fastest upward price movement.
Thus, based on analysis, Bonk will reach wave 3/5 and make significant gains to $0.0027 which was last recorded in June.
What Bonk price charts suggest
Notably, Manofbicoin analysis showed that Bonk will make moderate gains to reclaim June lows. However, it’s significant to determine what current price action suggests.
For starters, Bonk has experienced considerable gains over the past seven days surging by 18.77% on weekly charts.
Equally, the memecoin’s trading volume has surged by 17.71% to $225 million. In the same period, Bonk’s market cap increased by 3.35% to $1.48 billion. This shows the memecoin has made a strong upswing over the past weeks.
Source: Tradingview
Looking further, the Aroon line suggests the recent price movement has resulted in more highs than lows. Thus, resulting in a strong upward movement.
At press time, Aroon up at 92.8% and sits above Aroon Down at 57.14%.
Source: Coinglass
Additionally, Bonk’s open interest has increased over the past seven days according to Coinglass. Open Interest has surged from $7.82 million to $8.72 million over the past 24 hours.
This showed that investors are opening new positions while holding existing ones. This is a positive market sentiment.
Source: Market Prophit
The prevailing market sentiment is further supported by our analysis of Market prophit. According to market prophit data, Bonk is enjoying positive market sentiment in most metrics.
Realistic or not, here’s BONK’s market cap in BTC’s terms
The data showed that the crowd sentiment is positive at 0.0762, and Buzz score of 1.31. This meant that the memecoin is enjoying significant favorability among investors.
Therefore, if the current market conditions hold, Bonk will experience price movements to the north. A breakout from the descending channel will strengthen the memecoin to attempt a $0.000025 resistance level.
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