BONK Holds Above 200-Day EMA, Eyes 77% Surge
Key Takeaways
- The memecoin BONK is currently holding a key support level at the 200-day EMA.
- A potential price increase of up to 77% to USD 0.000035 is conceivable.
- Technical indicators such as the RSI and Open Interest suggest a bullish continuation.
- A price drop below USD 0.000018 could attract short-sellers.
Technical Outlook: Support at the 200-Day EMA
Since April, BONK has shown a strong recovery with a price gain of around 140%. The coin is currently trading within an ascending price channel. Particularly important: the 200-day EMA (Exponential Moving Average) — a long-term moving average — was successfully confirmed as support in May. This level lies in the range of USD 0.000018 to USD 0.000020 and, together with the lower boundary of the channel, forms a solid base for further price increases.
Potential for 77% Price Gain
As long as the price remains above the 200-day EMA, an increase to USD 0.000025 in the short term and to USD 0.000035 in the medium term is possible. This corresponds to a potential upside of approximately 77%. Technical analysis shows that the Relative Strength Index (RSI) has remained above the neutral 50 mark since April, indicating above-average demand.
Capital Inflows Stagnate – But Futures Market Shows Strength
Despite the positive signals, capital inflows have stagnated since mid-May according to the Chaikin Money Flow (CMF). This means that large-scale buying activity has not materialized so far. At the same time, the futures market is showing a different trend. Open Interest — the total value of open derivative contracts — has risen from USD 8.5 million to over USD 12 million, indicating growing speculative demand.
Key Price Levels for Traders
For traders, the levels at USD 0.000018 and USD 0.000020 are critical. These zones align with the moving averages (50, 100, and 200 EMA). A sustained break below USD 0.000018 would likely attract short-sellers. Those betting on rising prices should consider this level as a stop-loss.
Our Assessment
BONK is currently in a technically interesting phase. The support at the 200-day EMA is holding so far, which supports the continuation of the uptrend. The RSI and rising Open Interest in the futures market reinforce this assessment. However, caution is warranted: the stagnating capital inflow in the spot market and the proximity to the critical support zone at USD 0.000018 could quickly lead to a trend reversal if broken. Investors and traders in BONK should monitor these levels closely and manage risk accordingly.
Sources
- TradingView
- Coinalyze
- Coinglass
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