• After a solid 9% surge, BONK is currently trading around $0.000012.
• Adding fuel to the fire, the meme coin’s trading volume has jumped by over 35%.

While broader market recovery attempts have stumbled, with major cryptocurrencies extending their losses, the meme coin sector remains surprisingly robust, holding a steady market capitalization of $52.9 billion. Leading the charge within this lively sector is the Solana-based meme coin, BONK, which has impressively gained over 9.69% recently.

BONK has established itself as a top performer today, securing its position as the third highest gainer and confidently embracing a bullish trend. Surpassing a critical resistance level at $0.00001286, BONK has climbed to a peak of $0.00001291, rising from a daily low of $0.00001129.

Currently, BONK trades at $0.00001264, with its market cap approaching $986.12 million. Adding to the positive momentum, the meme coin’s daily trading volume has notably reached $150.81 million.

Looking at the bigger picture, BONK’s upward trajectory reflects a significant 15.12% gain over the past week. The meme coin started the week trading near $0.000011 and has steadily ascended to its present trading level.

Can BONK Break Out to New Highs?

If the bulls can maintain this strong upward pressure, BONK’s price could swiftly target the $0.00001296 resistance. Sustained bullish momentum could then propel the meme coin towards even higher targets, potentially reaching around $0.00001370.

On the flip side, should BONK lose its current momentum, the price might retrace back to the support area at $0.00001191. A further decline could trigger a more significant drop, potentially causing the meme coin to test the $0.000011 range again.

Technical indicators are flashing bullish signals, as BONK’s Moving Average Convergence Divergence (MACD) line has crossed above the signal line. This crossover typically suggests strong positive momentum and the potential for continued price appreciation.

However, the Chaikin Money Flow (CMF) indicator for the meme coin, positioned at -0.05, indicates that slightly more funds are flowing out than in. Despite this, BONK’s trading volume has impressively surged by over 35.83%.

Overall, market sentiment for BONK appears bullish, with the daily Relative Strength Index (RSI) currently at 65.26. Additionally, the Bull Bear Power (BBP) value of 0.00000122 suggests a slight bullish advantage in the current market dynamics.

Disclaimer: The opinion presented in this article represents solely the author’s perspective. It is not intended as financial investment advice. TheNewsCrypto team strongly advises everyone to conduct thorough independent research before making any investment decisions.

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