Key Insights:
- BONK volume surges 25.94%, signaling strong trader interest.
- Open interest rises 17%, now totals $18.28 million.
- Bonk price eyes $0.00002 after 30% weekly rally.
Bonk price has experienced a slight surge in the past 24 hours, trading just above the $0.000016 support level. Investors remain optimistic, anticipating a possible breakout in the coming sessions.
Over the past week, Bonk has climbed by 30%, showing strong bullish momentum. Meanwhile, major cryptocurrencies like Bitcoin, Ethereum, and Solana are trending sideways, with minor upward movements observed in recent hours.
Analyst Highlights Bonk Price as a Top Altcoin to Watch for July
Crypto analyst BullyDCrypto has drawn attention to the Bonk price, describing it as the most compelling altcoin on his radar. According to the analyst, April 2025 marked the first break below the bull market VWAP, a key trend indicator.
However, BONK recently reclaimed the AVWAP from April’s lows, suggesting renewed strength. The analyst emphasized that holding above the ATH VWAP bands and April’s VWAP near $0.015 is crucial. If that level holds, he believes a 50% move toward $0.025 is likely.
He also presented a wider perspective on the market, saying that Bitcoin would create a bottom in July. If Bitcoin stabilizes, the altcoins will probably retreat, as part of the overall cycle.
The rising volume of $BONK suggests growing trader interest. Analysts see this as a strong signal of increased market attention.
He noted that $BONK flipping Pump.fun in daily volume shows growing momentum. This development keeps the token on his radar for accumulation during any dip.
Bonk, a meme-inspired cryptocurrency, has recently shown notable movement in its derivatives market. BONK derivatives have also decreased the total trade volume by 7.39 percent to about 111.55 million dollars. This decline shows a short-run loss in trader activities.
Although the host structures of the volume declined, the market demonstrates an increase in the interest of the investors. The BONK open interest increased by 17.54% and amounted to 17.10 million.
The rise indicates that more are being held, implying that the market will be active. The options volume and open interest data for BONK are currently unavailable.
However, general trends suggest a shift in sentiment within the derivatives sector. Investors are closely watching the Bonk price movements. Shifts in open interest often signal upcoming volatility or significant price action.
Will BONK Price Break Through Resistance Soon?
BONK is trading at $0.00001627 after a slight 2.34% drop in the last 24 hours. Bullish momentum has been building in recent hours. Bonk price is steadily approaching a key resistance level.
The Relative Strength Index (RSI) is at 55.67, showing that its momentum is neutral but bullish. This indicates that the token is far below the overbought mark. Also, it may continue rising higher before it officially hits a high level to experience a high level of selling.
MACD is also bullish, and the MACD line is crossing over the signal line. This is a typical definitive indicator of a bullish trend.
Buyers have repeatedly defended the $0.000013 support zone. This level has been confirmed multiple times as a strong base for accumulation. This level is cautiously optimistic as long as it continues to hold.
Bonk price is nearing the $0.00002 resistance level. A breakout here could trigger further upside. Targets include $0.000025 and possibly $0.000035 if buying strength persists.
Traders are watching for volume confirmation. If Bonk price fails to break resistance, consolidation could follow. A pullback toward $0.000015 or $0.000013 may occur in that case.
Disclaimer
This article is for informational purposes only and provides no 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.
Annah enjoys writing about cryptocurrency and blockchain technology. With More than 6 years of experience. For years she has followed their development and now believes these technologies could potentially revolutionize many industries. She has specialized in technical analysis to help cryptocurrency traders make more informed decisions.