The memecoin BONK has made significant gains in recent days, outperforming Bitcoin's price action. In the last 24 hours alone, it has rallied by over 10%, with a daily trading volume spike of 152%. This surge in trading activity is reflected in the altcoin's open interest, which increased by 33.9% according to Coinalyze data.
BONK's price action suggests that investors are taking notice of this memecoin, and its potential for future growth. However, it's essential to note that the higher-timeframe trend remains bearish, indicating a possible reversal in the near future.
A 27.88% bounce over nine days has pushed BONK's price up to challenge the local supply zone at $0.000005. The RSI on the daily timeframe has recovered above neutral 50, and the OBV is approaching its mid-June local high, hinting at a potential continuation of this upward trend.
Despite the bullish signals, traders should remain cautious and consider a potential price bounce to the 78.6% Fibonacci retracement level at $0.00000737. The area between $0.0000061-$0.0000073 could initiate a new impulse move, maintaining the bearish structure of BONK's swing trend.