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The leading cryptocurrency Bitcoin (BTC) is trading in a narrow range, prompting investors to turn their attention to altcoins. Experts suggest that a potential decline in Bitcoin could significantly impact Bonk (BONK), one of the popular meme tokens. So, what are the latest data on the Solana-based meme token BONK?
Trading Volume Increases for BONK
According to recent data from cryptocurrency analytics companies, Bonk saw a 4% increase in the last 24 hours. Additionally, the trading volume, which closely affects the prices of cryptocurrencies, increased by approximately 35%, reaching $331 million. Unlike other altcoins, Bonk’s market value saw a 1.18% increase, reaching $1.89 billion after the recent surge.
In the past two weeks, Bonk rose to $0.0000444, but faced a challenging period following profit-taking sales by investors. The decline in the cryptocurrency coincided with the general market trend. Cryptocurrency experts analyzing Bonk’s price noted that the token formed a descending wedge pattern. While the upper trend line represented increasing resistance, the lower trend line allowed the meme token to reject a potential reversal.
Current Data on BONK
Key metrics for the altcoin, including the 20-day EMA, 50-day EMA, and 200-day EMA, could not prevent the selling pressure. The price drop in BONK continued until it reached $0.000026. Due to the buyer density in this price region, a recovery occurred despite potential fluctuations before the CPI data announcement on June 12. The relative strength index (RSI), which plays a crucial role in future price predictions, recovered above 30, potentially allowing bulls to regain strength. If the upward trend in RSI continues, the resistance path could gain upward momentum.
Currently, it is critical for BONK to regain the level above the 20-day EMA at $0.000028. Such a development could reinforce the upward trend and confirm the ongoing upward trend towards the weekend. On the other hand, the aforementioned descending wedge pattern could signal another price increase for the cryptocurrency. A potential breakout above the upper trend line could confirm the pattern’s impact on the price.
