Today, Bonk (BONK) trades at $0.00002218 while its market cap is $1.79 billion and its 24-hour trading volume is $540.99 million. BONK has registered a 6.2% decline over the last 24 hours; however, the weekly gain remains firm at 22.27% signaling sustained market interest.
The BONK weekly candlestick chart displays distinct stages of recent trading, which started with an impressive bullish spike from $0.000018 to above $0.000022.
The bullish push was the initial indication of positivity, and then there was a range-bounding consolidation phase, where the price moved back and forth within very tight ranges between $0.000022 and $0.000023.
Throughout this consolidation, additional indecisiveness among market participants increased, and traders waited more vigorously for clearer signals. The prices then dropped and formed red candles that dragged down the value to near $0.000020.
Even though the price dropped earlier, BONK made a strong comeback mid-week and quickly rose above $0.000024, hitting a weekly high.
The sudden spike was followed by additional selling, which resulted in a correction and saw BONK back to the $0.000022 level. However, this level has since become an integral support level, which forms a probable foundation for further spikes.
BONK breaks key resistance with strength
Market analyst Solberg Invest shared a chart showing that BONK had moved above a red diagonal resistance line. TradingView published the chart, which spanned several months and showed a bullish reversal setup, likely a double bottom. It also signaled a breakout around mid-April.
The chart showed an initial target that BONK has already surpassed. Analysts expected the subsequent price range to fall between $0.000045 and $0.000050 in the following weeks.
BONK seems to be consolidating back above its previous resistance, which turned to a new level of support. Increasing buying interest comes as the 9.20% day increase in trading volume, which equates to $1.06 billion per CoinGecko.
The spike solidifies the bullish sentiment and falls within the 43% week-on-week growth rate seen previously from technical analyses. BONK’s steady increase, breakout from resistance, and increasing trading volume suggest continued investor interest oriented towards short to mid-term gains.
