- The Bonk crypto is trading with flat change in its trading volume.
- The price of the crypto has advanced by 3400% in just the last 1 year.
BONK, a Solana-based cryptocurrency, emphasizes community ownership and decentralization. Created by Dexlab, it serves as a governance token for community-led decision-making.
With extensive integrations across various blockchains, it facilitates DeFi activities, NFT transactions, and gaming interactions while supporting ecosystem growth through rewards, governance, and development initiatives.
With a volume/market cap ratio of 20.58%, the Bonk crypto has a good amount of liquidity as compared to other cryptos. The trading volume of the crypto advanced by 67% in the last 24 hours.
The market cap of the Bonk token has also advanced by 6.07% in the last 24 hours. This is followed by a market cap value of $1.534 Billion and the market cap ranking of the crypto is #70 as per CoinMarketCap.
The sentiment of the crypto is bullish as per Coindex and the market cap dominance of the Bonk token is 0.06%. Moreover, the price of the token is highly volatile resulting in 34.43%.
The all-time high price ever recorded for the crypto is $0.00004516 achieved on March 4, 2024. Also, the time-low price recorded for the crypto is worth $0.0000001753 which was hit on October 12, 2023.
Bonk Token Supply Overview
The Onchain market cap of the token is $10.125 Million followed by a circulating supply of 65.191 Billion BONK which is 69.7% of the maximum supply.
Also, the maximum supply and the total supply of the crypto are the same resulting in 93.526 Billion BONK. The circulating supply market cap of the crypto is $1.563 Billion and there are a total of 10.3K holders of Bonk token as per Etherscan.io.
Bonk Crypto Derivatives Analysis
As per Coinglass, the token witnessed a huge long liquidation of $3.29 Million on 5th March 2024 while a higher amount of short liquidation was recorded on March 4th, 2024, valuing $4.36 Million.
If we look at the most recent data, the crypto again has witnessed a higher long liquidation worth $99.17K over the last 24 hours. This further follows a short liquidation of $66.30K.
The long/short ratio of the crypto is 0.9335 and the derivatives trading volume has declined by 2.39% in the last 24 hours. Also, the open interest has witnessed an advance of 3.51% resulting in $8.02 Million over the last 24 hours.
Volume Vs Price Volatility Of BONK Token
The price volatility for the crypto has been slowly advancing for the crypto over the last few days. Despite the rise in volatility, the volume of the crypto is declining in the last few days. The following behavior of the crypto shows the lack of interest of traders in the crypto.
BONK Crypto Technical Analysis
As it can be seen on the weekly chart of the BONK crypto, the price broke above the triangle pattern and gave returns of more than 200%. Despite this, the price of the crypto is declining from higher levels amid profit booking.
The price of the crypto is forming a lower low swing on the chart and the price of the crypto is slowly declining to lower levels. Also, there are no signs of reversal in the trading price of the crypto.
BONK/USD Chart by TradingView.com
The BONK crypto price has made a death cross of the 50 and the 200-Day EMAs on the 4H timeframe chart of the crypto. The price of the crypto has also declined below the following EMAs indicating weakness in the price of the momentum.
The MACD and the signal line are trading below the zero level while the lines are trading in a bullish crossover, trying to advance to a higher level. Despite this, unless the MACD factors break above zero, the trend of the crypto might stay intact to bearish.
The RSI is following a bearish cycle on the chart, It is currently trading at a level of 46.87. The RSI has broken above the 14-Day SMA but is still sustaining below the 50-level indicating weakness in the momentum of the crypto.
Summary
BONK cryptocurrency faces a significant decline, down more than 50% from recent highs. Despite a 3400% surge last year, current trends indicate bearish sentiment.
With declining trading volume and price volatility, coupled with technical indicators signaling weakness, the outlook suggests continued downside pressure and lack of trader interest.
Technical Levels:
- Support Levels: $0.000010 and $0.0000150
- Resistance Levels: $0.0000360 and $0.00004700
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.