Bonk has been gaining attention again after a strong bounce this week. This memecoin is trading at around $0.0000163, up nearly 25% this week – but still down about 7% over the past month.
While Bonk has lost almost 29% over the past year, it has still fared better than many other memecoins. The recent rally hints at renewed optimism, with excitement around a possible 2x Long BONK ETF likely contributing to the gains and higher trading volume.
Table of Contents
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Momentum Indicators
RSI: Rather Bullish
RSI measures overbought or oversold conditions. The RSI(14) today is 56, up from 54 yesterday and 39 a week ago. The short-term RSI(7) is at 66, suggesting the price is approaching overbought territory but not quite there yet.
MFI: Bullish
The Money Flow Index incorporates volume to indicate buying pressure. MFI(14) today is 58, up from 49 yesterday and 39 last week, signalling growing capital inflow.
Fear & Greed Index: Greed
The crypto market’s fear and greed index sits at 73 today, indicating greed. This value has been rising steadily since the start of the week, supporting a bullish short-term outlook.
Moving Averages
SMA & EMA: Bullish
Bonk’s short and mid-term moving averages point to a bullish trend. Both the 9-day SMA and EMA are below the current price, as are the 26-day SMA and EMA, indicating continued upward momentum.
Bollinger Bands: Overbought
Bollinger Bands measure volatility and potential breakout points. The upper band today is at 0.00001608, with the lower at 0.00001233. The current price is testing the upper band, suggesting overbought conditions or a potential breakout if buying continues.
Trend & Volatility Indicators
ADX: Weak Trend
ADX measures trend strength and sits at 18 today, unchanged from yesterday but down from 22 last week. This indicates the current trend is weak despite the price recovery.
ATR: Stable Volatility
ATR measures volatility. It is at 1.391e-06 today, similar to last week, indicating stable volatility levels.
AO: Neutral
The Awesome Oscillator, used to confirm trend momentum, is at -3.6e-08 today, close to neutral, suggesting no strong momentum direction despite recent gains.
VWAP: Bullish
VWAP shows the price relative to the average weighted by volume. Today’s VWAP is 1.7192e-05, above the current price, signalling potential upside if buying pressure sustains.
Relative Performance
Comparison Against DOGE: Bullish
The BONK/DOGE ratio is up 16% this week and over 14% this month, showing Bonk is outperforming Dogecoin in the short term.
Summary
Most technical indicators suggest Bonk is moving towards an overbought condition with bullish short-term signals. Momentum is positive, but trend strength remains weak, and ATR shows stable volatility.
As always, technical analysis has limitations. News catalysts, market sentiment shifts, and broader economic factors can override indicator signals. Bonk’s ETF information is likely the key driver right now – traders should keep an eye on its confirmation in the coming weeks.
Read also: Crypto Prices Rebound After ETF Approvals Boost Market Confidence
