Bonk Keeps Pumping — 60% Market Cap Surge in July Shows No Slowdown

The crypto market's sustained risk-on mentality helps Bonk meme coin rebound over $0.00003300.

A Golden Cross with the 50-day EMA above the 100-day EMA supports the bullish structure.

BONK futures Open Interest and volume are rising consistently, indicating investor interest.

On Wednesday, Bonk (BONK) outperformed other meme currencies with intraday gains above 12%. Bonk is now trading at $0.00003377 after a 110% rise in 30 days. The rise in Bonk has boosted market value by 55% to $2.55 billion in July, according to CoinMarketcap.

Bonk continues rise amid investor enthusiasm
According to CoinGlass, Bonk has a solid technological framework and a strong derivatives market. Since the beginning of this month, the futures contracts' Open Interest (OI), which reflects all unsettled futures and options, has ballooned to $48 million.

The sustained interest in BONK is shown by a rise in futures trading volume from $39 million to $618 million. Open Interest growing with volume indicates stronger risk appetite and ecosystem investor confidence.

Bonk price might prolong the rally into resistance around $0.00004000 if the futures market stays optimistic in the next days or weeks.

Traders will likely keep long positions as the Bonk price rises toward the short-term targets of $0.00004000 and $0.00005000.

Still, traders should be cautious since the Relative Strength Index (RSI) is overbought, which might cause a trend reversal as the market overheats. The RSI may indicate rising strength, with a reversal into neutral signifying a decrease in purchasing pressure.

As preliminary support, watch for $0.00003000, tested in December, and the 50-day EMA-200-day EMA confluence around $0.00001935.

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