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ThecoinrepublicAnalysisBONK: Meme Coin On The Rise, Can...
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BONK: Meme Coin On The Rise, Can Its Price Advance By 70%?

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  • Spot trading volume surges 150%, with intraday price growth of 9%, and BONK derivatives data suggests bullish sentiment.
  • An analyst sees bullish signals on daily chart, and upcoming BONK news events could hype the price.

BONK was in a bullish spell the last two days. In terms of market cap, it stands at $7.798 Billion, ranking as the 45th largest crypto on Coinmarketcap.

Traded volume has surged by nearly 150% to $564.97 Million. The liquidity in the market shows a good presence. Hassle-free buying and selling could be initiated by investors, while the 24-hour volume-to-market cap ratio stood at 31.31%.

The Memecoin has shown great interest so far from its investors, as it seems that 73.78% of its tokens have been unlocked so far, amounting to 68.65 Trillion. This quantity has been floating in the people’s hands out of the total supply of 93.004 Trillion. 

Is it Just the News or is BONK Going to Fly this Week?

An X post by @JT Liss stated that on Wednesday, July 10th, 2024, under the new 2.0 model, which has been powered by Bonk and Solana, he would announce 2 Arts Ambassador Grant recipients.

Furthermore, the very first BAM Creator Grant will be announced on Friday, July 12th, 2024.1st reveal and exchgART (the multichain art marketplace) minting info for an artist also known as Bonk Art Master @dato_art.

Since BONK is popular as a meme-coin, it does not have any business use case or any fundamental economic use, and its price is usually influenced by online internet sentiment and social media.

Thus, the occurrence of these kinds of news ignites the community, increases excitement among the community, and generates hype. Also, the community is all that drives the majority of meme-coins. This news could probably be helpful to its price as well, but so will FOMO and financial risk present (DYOR).

What are Analysts’ Thoughts About the BONK Price?

@ColdBloodShill shared his optimism towards the price. He finds great strength on the daily chart of BONK, where he drew his chart and suggested that once rejected from a major resistance point, it’s pretty close to the same point.

He further highlights that he is confident that once it manages to trade above the resistance point (DYOR), then a decent trade could be planned with proper Risk to reward (RR).

What BONK Derivatives Showcase?

According to the BONK derivatives data analysis, the volume and OI have grown. The volume surged 75.76%, where derivatives volume amounted to $203.68 Million, and 23.88% more contracts were added in the past 24 hours, making it $10.48 Million in OI.

BONK
BONK Total Liquidations Chart | Source: Coinglass

The liquidations ratio between long/short stands at 1.0044, which indicates that BONK has more bull presence. In the last couple of days, the liquidation chart had more shorts than longs. 

In the past 24 hours, the shorts that were liquidated were $382.38 K, which was nearly 2 times higher than longs, which was sitting at $199.94K. Thus, this data reflects the bullishness observed over the last couple of days.

Unfolding BONK Price Chart, Based on Recent Trading Activity!

The chart shows that it is trading in a parallel upward channel, which is a good sign. The derivatives are high, and the positive news on socials, suggests a much higher possibility of BONK bouncing (DYOR).

BONK had two peaks since its first candle (BONK: COINBASE), which declined from supply standing tall at around $0.0004200. It looks like a double-top pattern, it wasn’t completed. Instead of falling, it showed a resurgence from the wedge’s lower boundary.

As per the above-mentioned analyst’s theory, if the price surpasses $0.00002960, then it could have an easy-peasy 1:2 RR target at the wedge above boundary (DYOR). Thus, in the course, the interruptions could stand near $0.00003600.

However, facing a decline from $0.00002960 could lead toward the major demand zone at $0.00001250. So, investors should stay cautious and do their own research.

The meme coin BONK has shown a recent rise in market cap, trading volume, and investor interest. News and analyst optimism could push the price higher. However, BONK remains a risky investment due to its lack of fundamentals.

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Andrew Smith
Andrew Smith
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
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