Bonk Coin Revealed Sustenance Signs, Can It Revive And Shoot Big?

• 1 Bonk Coin price trades close to $0.000026, recording a positive intraday development of 6.40%.
• 2 The BONK crypto rebounded from the 50-Day exponential moving average and surged.

The Bonk coin is trading higher for the fourth consecutive session and recovering the losses incurred last week. At the time of writing, the crypto was trading close to $0.000026, recording a positive intraday development of 6.40%. 

The Bonk crypto witnessed the formation of a double bottom pattern after taking rejection from the dynamic support of 50-Day EMA. The crypto is up nearly 23% in the last four intraday sessions and has surpassed above the 20-Day exponential moving average.

The buyers seem to be regaining control and push the price to the higher levels. On the higher side, the sellers have established themselves near the $0.000028 level. 

Any sustained move on the higher side after the breakout of this level may validate a trend continuation on the higher side and the BONK price may continue to draw an upward trajectory in the short term. 

Bonk Crypto Volume Analysis

The volume analysis shows that the BONK crypto saw volume surge in the last week of February. The average volume of inflow in BONK crypto surged from that of $150 Million in the last week of February to a high of $1.5 Billion in the 1st week of March 2024. The massive rise in the volume helped to grow nearly 200% in a span of two weeks.

However, the volume inflow dropped in the later two weeks and the BONK crypto loomed for a profit booking. The recent sessions have shown a reversal after rebounding from the 50-Day EMA. Also, the price reversal is supported by a continuous rise in the volume which indicates that buyers intend to reclaim higher levels.

Bonk Coin: Active Users and Twitter Followers Rising!

The social dominance, X followers and number of active social users data demonstrates the change in the popularity and acceptance of the BONK crypto among social media users.

Looking closely over the charts, it was observed that the social dominance of BONK crypto increased from the last week of February to the 1st week of March along with the price movement.

Moreover, the number of active social users have increased from 0.63% to 0.942% in the last couple of weeks. Also, the number of X followers have jumped from 212K in February to 254K at the moment. The rise in social media users display the increasing acceptance of crypto among the users which may leave a positive impact on the price.

Sentiments Turning Positive: Can Bonk Coin Thrust Upwards!

The sentiment data displays the change in activity of the traders or Investors whether there is more buying or selling pressure in the short term. A closer look on the data states that earlier, the negative sentiments were high and the overall weighted sentiments had turned negative.

However, the positive sentiments were rising in the last few sessions, which are early signs of a breakout. The weighted sentiment curve is rising towards the zero line indicating a possible sentiment shift towards the positive side.

Bonk Coin Price Prediction April 2024. 

   

The most bullish observation of our analysts expect BONK coin to attain a high of $0.380 by the end of April 2024. It suggests an upside potential of nearly 42.5% from the CMP. 

On the flip side, the less positive view of analysts hope for the price to break below the dynamic support of the 50-Day EMA, which may invite more selling volumes to enter the market and drag the price near the 200-Day EMA. 

Conclusion

The Bonk coin is on the way to claim a four-day gaining streak and after taking rebound from the 20-Day EMA. The bulls seem to be reclaiming the trend control and have surpassed the 20-Day EMA.

The volume inflow has increased in the recent sessions which is an add-on to the confirmation of a trend continuation on the higher side. Also, the sentiment is shifting from the negative to positive side. Also, the number of active social users and X followers have surged, which is a positive sign for the crypto.

Technical levels:

• Support Levels: $0.0000210 and $0.0000154
• Resistance Levels: $0.0000286 and $0.000037

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.