Bonk (BONK) Coin Price Analysis: BONK Outperformed Bitcoin and Ethereum in the Last 1 Year

The Bonk (BONK) token price outperformed Bitcoin and Ethereum in the last 1 year and the coin price traded at a level of $0.00001943 at press time.

The Bonk (BONK) token price outperformed Bitcoin and Ethereum in the last 1 year and the coin price traded at a level of $0.00001943 at press time. Additionally, the coin price advanced by 18.9% in the last 24 hours.

Bonk was the 50th largest cryptocurrency in the global crypto market and had a market cap of $1.342 Billion. It followed a market cap dominance of 0.07%, which showed a good market presence of the coin.

Moreover, the traded volume for the coin witnessed a slight decline of 4.6% in the last 24 hours from the press time. This resulted in a traded value of $401.409 Million which was 29.9% of the market cap. This also showed huge liquidity in the coin’s price which makes it easier to buy and sell the coin in difficult market conditions.

At press time, 72% of the maximum supply of the token circulated in the market. This resulted in a circulating supply of 67.22T BONK. Also, the total supply and the maximum supply of the token were the same resulting in 93.08T followed by a fully diluted market cap of $1.804 Billion.

BONK Coin Derivatives Data Analysis

The Bonk coin’s open interest witnessed a slight advance of 3% which resulted in a value of $6.49 Million. This showed an advance in the number of open positions in the crypto.

Despite the advance in the open interest, the value of the traded volume for the token declined by 27%. This showed a decline in the activity of the derivatives of the token while the larger worth of longs was liquidated in just the last 24 hours.

Moreover, longs worth $186.83K were liquidated against the shorts of $114.85K. This showed the dominance of bears in the coin’s price.

BONK Coin Technical Analysis

BONK has demonstrated remarkable resilience, maintaining its position above a dynamic trendline for over five months. This sustained performance underscores the coin’s strength and stability in a volatile market.

However, the price chart revealed a higher-level double-top formation, which initially led to a decline. This bearish pattern signaled a temporary weakness, causing the price to drop. The formation of a double-top is often seen as an indication of a potential reversal in trend, prompting caution among traders.

At press time, the coin declined to the dynamic support trendline. If it manages to reverse from this level and breaks above the most recent swing high, we might witness further upward movement in the future. This potential reversal could signal renewed investor confidence and a bullish outlook for Bonk Coin.

BONK Coin Technical Indicator Analysis Overview

The 20-day and the 50-day EMAs traded in a death cross and the Bonk’s price further declined below the following EMAs. This showed that the price followed a bearish sentiment at the time of writing.

BONK/USD Chart by TradingView

The MACD and the signal line had declined to the negative trajectory and both the metrics traded in a death cross. The RSI had declined below the 50-level and the 14-day SMA and at press time traded at a level of 36.18.

This article is for informational purposes only and does not provide any 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

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