Bonk price continued its strong rebound on Sunday, reaching its highest level since May 23rd. It has jumped over the last six consecutive days, making it one of the best-performing tokens in the crypto space. It reached a high of $0.00000225, up by over 85% from its lowest point in June.
Why the Bonk Price is Surging
Bonk token price has been in a strong uptrend in the past few days as investors bought the dip following the recent plunge. A good example of this is data showing that smart money investors hold over 6.2 billion tokens today, a 60% increase in the last 30 days. Similarly, the top 100 addresses boosted their holdings by 3% to 56.3 trillion.
Another indication of this is that the exchange balances have been in a free fall over the past few days. There are now 20.93 trillion Bonk tokens on exchanges, down from last week’s high of 21.2 trillion coins. Falling exchange balances is a sign that investors are no longer selling as they did before.
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Most importantly, whales have started to buy the Bonk dip. These investors now hold 2.2 trillion tokens, up from last week’s low of 2.12 trillion tokens. Whales and smart money accumulation are signs that the best traders are buying, which they often do before a surge.
Meanwhile, the daily volume of Bonk traded in centralized and decentralized exchanges has exploded higher. It jumped by 140% on Sunday to $1.4 billion, surpassing most meme coins, including Shiba Inu, Pepe, and Dogecoin.
Another likely catalyst for the ongoing Bonk price is the potential approval of spot ETFs applied by Tuttle Capital Management, Rex Shares, and Osprey Funds. Such an approval will lead to increased demand for Bonk from American investors.
Meanwhile, Moonpay, a leading fintech company, announced that Bonk NFT tokens are now available on its platform.
Bonk Price Technical Analysis
The daily chart shows that the Bonk token bottomed at $0.000008815 in April and has now rebounded back to $0.00002246. It formed a slanted double-bottom pattern, with its neckline at $0.00002568, its highest point occurring on May 13. A double bottom is one of the most bullish reversal patterns in technical analysis.
Bonk price has moved above the 50-day and 100-day Exponential Moving Averages (EMA) and the 23.6% Fibonacci Retracement level. Additionally, oscillators such as the MACD and the Relative Strength Index (RSI) have been pointing upwards.
Therefore, more Bonk price gains will be confirmed if it rises above the neckline at $0.000025. A move above that level will point to more gains, potentially to the 50% retracement at $0.00003435.
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