Bonk [BONK] has seen increased demand in recent days, with strong bullish sentiment.
Coinalyze data shows that in the past 24 hours, the price of memecoins has increased by 4%, but open contracts have risen by 8%. Speculative activity is another driving force for the bullish market.
The price movement of Bitcoin [BTC] may impact the altcoin market, including meme coins. A drop below the 107,300 dollar level could reverse short-term market expectations.
If the king coin continues a sideways or upward trend, BONK is likely to challenge and surpass local highs.
The price of the BONK cryptocurrency is approaching May highs.
Breaking 0.000018 dollars on July 5 was the first real sign of recovery.
AMBCrypto recently emphasized a short-term bullish outlook for BONK in a report. This outlook has become a reality, evidenced by a strong rebound breaking the 0.00002 dollar integer resistance level.
OBV has surged to its highest point since May, and the volume bars show significant daily trading volume over the past few days.
The surge in demand could drive the price of the BONK cryptocurrency up to 0.000025 dollars, the highest price since May. Fibonacci levels indicate that the 23.6% extension at 0.0000298 dollars is a feasible target price for bulls.
However, traders and investors must remember that the weekly chart is bearish until the 0.000026 dollar area can turn into a support level.
The liquidation heatmap confirms the expectations of the price chart. The area between 0.0000256 dollars and 0.0000262 dollars is a considerable magnetic zone.
The concentration of liquidation levels here suggests that a bearish reversal is possible.
Due to strong demand and momentum behind the bulls, liquidity cluster spending may only lead to a slight pullback before attempting to rally higher.
Therefore, BONK traders who already hold bullish positions could seek to take profits around 0.000026 dollars and wait for price movements to develop before taking further action.
