Bitcoin price today rose to $71,758, and volume continues to increase. The situation is positive for altcoins. While some meme coins are making significant gains, BONK Coin is also drawing attention. So, what levels can be tested for BONK Coin according to current data? Here is the latest BONK Coin price analysis.
BONK Coin Analysis
BONK is lingering at $0.000034, and BTC price’s new peaks on the 15-minute chart encourage altcoin investors. BONK Coin, which saw nearly a 30% increase last month, has formed an ascending channel. Although it is trying to close at the upper line, the struggle continues.
Despite the price performance, sentiment is negative. This could be influenced by the attention garnered by other popular meme coins. The size of open positions in futures also shows why it hasn’t made serious attempts as expected this month. At the time of writing, there were $14.62 million in open positions. This has decreased by 18% since last month.
BONK Coin Price Prediction
The RSI was below the overbought region and on the verge of easing towards the neutral 50 level. The RSI, which fell to 62, would signal overbought if it were above 70 and oversold if it were below 30. In its current state, it showed that investor appetite was easing in favor of sellers.
The Elder-Ray Index, though weak, remained positive, similar to the RSI, favoring the bulls. The indicator was at 0.0000079. If buying pressure continues to outweigh selling activity, BONK may attempt to break the upper line of its ascending channel at $0.000045. However, under current conditions, a decline supported by BTC’s inability to sustain higher levels could see $0.000027 as the first stop.
At the time of writing, Bitcoin price was at $71,378. BTC, which climbed to $71,758, faced some profit-taking at this level. As buyers quickly drove it to the peak, the risk of investors panicking and turning to profit-taking is high. This may not yield a good result for BONK Coin.
The total volume of cryptocurrencies increased by 15% to exceed $88 billion, and the total market cap is on the threshold of $2.64 trillion.
