Solana-based meme coin BONK has surged by 12% prior to now 24 hours. It has outperformed prime meme cash like Pepe (PEPE) and Shiba Inu (SHIB), whose values have dropped 3% and seven%, respectively, throughout the identical interval. This rally is primarily pushed by the thrill across the BONK/USDT buying and selling pair, which has simply gone reside for buying and selling on Binance. US.
BONK’s worth rally is accompanied by a major improve in buying and selling quantity. This means robust market curiosity and potential for additional upward momentum.
Bonk Surges, Thanks To Binance
On Tuesday, Binance introduced that BONK is now listed on Binance.US. Deposits for BONK on the Solana community opened the identical day, sparking pleasure and a surge in exercise across the coin. Its worth has since risen by 12%. Additionally, its buying and selling quantity has skyrocketed by 39%, reaching $2 billion over the previous 24 hours.
When a surge in buying and selling quantity accompanies a worth rally, it indicators robust market curiosity and conviction behind the value motion. Greater quantity throughout a rally suggests {that a} bigger variety of contributors are shopping for, which provides credibility to the upward pattern. This means that BONK’s double-digit rally over the previous 24 hours will not be pushed by mere hypothesis; market contributors are demanding the meme coin.
Moreover, BeInCrypto’s evaluation of the BONK/USD 12-hour chart confirms the uptick in shopping for stress. As of this writing, the meme coin’s Chaikin Cash Stream (CMF), which tracks its cash flows into and out of the market, is above the zero line and in an uptrend at 0.26.
CMF values above zero point out that purchasing stress outweighs promoting stress. It means that the market is seeing constant inflows and is in an accumulation section.
BONK Value Prediction: Additional Progress on the Horizon
As of this writing, the BONK meme coin trades at $0.000034. The double-digit rally over the previous 24 hours has pushed its worth above the $0.000033 resistance. If the shopping for momentum holds, the meme coin may flip this stage right into a assist ground, propelling it towards $0.000038. A profitable breach of this stage would place BONK to climb 29% to achieve $0.000044, a excessive final seen in June.
Nevertheless, if BONK fails to ascertain $0.000033 as assist, it may face renewed downward stress. On this situation, the BONK meme coin worth could lose its current beneficial properties and pattern right down to $0.000026, weakening the bullish outlook.
Disclaimer
In step with the Belief Mission tips, this worth evaluation article is for informational functions solely and shouldn’t be thought of monetary or funding recommendation. BeInCrypto is dedicated to correct, unbiased reporting, however market circumstances are topic to vary with out discover. All the time conduct your individual analysis and seek the advice of with an expert earlier than making any monetary choices. Please observe that our Phrases and Circumstances, Privateness Coverage, and Disclaimers have been up to date.
