BONK marks good performance with a strong comeback

BONK is riding high on the market, demonstrating a possible recovery sentiment. This is evident from the ongoing listed value of $0.00003126. It reflects a surge of 19.75% in the last 24 hours and 34.25% in the last 7 days. There is a notable upswing in market cap and 24-hour trading volume of 19.73% and 94.11%, respectively.

There is sufficient support for the token at $0.0000213, with the next best resistance of $0.00003200. Falling beneath the support margin could potentially open the doors to further decline. That is less likely, for analysts believe that the price correction is now behind the worry. BONK is poised to rise higher as it progresses. If not higher, then at least mark higher lows to give a straight upward trajectory.

This is the recovery that has given BONK bullish support for the next couple of months. The short-term fluctuations could be volatile. Overall market sentiment is uncertain despite Bitcoin setting a trend of upswing. It has even come out of the consolidation phase. BONK, for now, remains one of the favorite tokens to have in portfolios.

The support margin of $0.0000213 is the 50% Fib retracement level. A horizontal trend movement could restrict the fluctuations within the defined borders. They have drafted at $0.00003 and $0.0000213.

Short-term price volatility is not necessarily a concern or a factor to worry about. There is another side to it that paints a brighter picture for buyers and sellers. There could be a renewed interest among them. It depicts the formation of an inverse head & shoulders pattern. The initial image is that of being less convinced and, hence, not engaging in heavy trading activities. Or looking for a window to shed some weight when the time strikes the right pattern. BONK remains one of the top contenders on the list of altcoins. It is volatile yet competitive.

Prevailing sentiment is bullish with Greed points of 76 for a classification under Extreme Greed in the Fear & Greed Index. The volatility is playing around 7.29% at the time of writing this article, and the 14-day RSI is 66.18. Predictions for the next 5 days and 30 days are bullish. BONK is teased to test the listed values of $0.00004099 and $0.000102, subject to several factors and their favorable alignment.

The Solana-based meme coin has triggered optimism within the ecosystem of Solana as well. SOL can be seen listed at $181.86, aiming to surpass $200 by the end of 2024. The current exchange value with USD is up by 2.20% in the last 24 hours and 24.49% in the last 7 days. Impressive, one might assume, for the surge is complemented by a rise of 2.26% in market cap and 71.26% in 24-hour trading volume.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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