The spot buying volume of BONK outperformed selling pressure by up to 127 billion Tokens. BONK needs to reclaim the threshold of 0.000015 USD or risk dropping back to the recent support zone at 0.000013 USD.
Bonk [BONK] has recovered from a recent low of 0.000013 USD, reaching 0.00001480 USD before slightly adjusting to 0.00001446 USD at the time of writing.
In the same time frame, the trading volume of memecoin increased by 98.33% to 160.5 million USD, reflecting heightened on-chain activity. Is this just a technical rebound or the beginning of a larger volatility?
Bonk buyers return strongly
After facing strong selling pressure, buyers have returned and pushed back against sellers. According to Coinalyze, on June 29, the buying volume of BONK reached 309 billion Tokens compared to 182 billion Tokens sold.
This creates a positive Buy-Sell Delta of 127 billion Tokens, a clear signal of buying demand in the spot market.
This large buying spree reflects new demand as investors return to buy when prices drop.
Net cash flow and accumulation
While accumulation increased, the net cash flow of memecoin turned negative, reaching -765 thousand Tokens at the time of publication.
When the amount of Tokens withdrawn from exchanges exceeds the amount deposited, it often indicates accumulation and reduced selling risk.
This behavior in the past often signals the potential for continued price increases, especially during trend transition periods.
Derivatives data reflects activity
Notably, when considering the derivatives market, buyers have engaged in strategic positions, especially long positions.
The Open Interest of BONK increased by 6.68% to 11.65 million USD, while the volume rose by 59.45% to 32.34 million USD, confirming strong participation in the futures market.
The Long/Short ratio reached 1.124, indicating a trend leaning towards long positions.
Typically, the demand for long positions along with increased open interest reflects investors' optimistic sentiment, expecting price increases.
Technical signals and momentum
According to TinTucBitcoin, BONK witnessed a strong surge as buyers returned with strength.
The Stochastic RSI index bounced to 89, signaling overbought conditions.
The Relative Strength Indicator (RVGI) rose to -0.0332, reinforcing a strong bullish momentum signal.
However, when oscillators increase this high, it often indicates two possibilities: a sustainable breakout or a sudden reversal.
If buying pressure continues to sustain, BONK could easily regain the level of 0.000015 USD. But if buying pressure decreases, the Token may drop back to the nearest support around 0.000013 USD.
Source: https://tintucbitcoin.com/khoi-luong-bonk-tang-98/
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