BONK Surges 12%, Gains Momentum Amid ETF Application Buzz
BONK gains 12% amid ETF speculation, with bullish signals pointing to potential further gains. Will this rally break resistance at $0.000033?
BONK has surged 12% in the past 24 hours, driven by renewed investor interest after REX Shares filed for an ETF application.
The news has sparked increased demand for BONK, suggesting the potential for a sustained price rally.
BONK Climbs Following ETF Application
On Tuesday, asset management firm Rex Shares filed exchange-traded fund (ETF) applications for several meme coins, including TRUMP, DOGE, and BONK. This has since driven a resurgence in investor interest in BONK, whose value has climbed 12% in the past 24 hours.
An assessment of the BONK/USD one-day chart shows that this double-digit rally has pushed the meme coin’s price above its 20-day exponential moving average (EMA), which now forms dynamic support.
BONK 20-Day EMA. Source:
TradingView
The 20-day EMA calculates an asset’s average price over the past 20 days, prioritizing recent data. When the price rises above the 20-day EMA, it signals bullish momentum, confirming buyers are gaining control. This is often viewed as a positive indicator, encouraging increased buying activity and suggesting the potential for an ongoing upward trend.
Moreover, BONK’s surging Relative Strength Index (RSI) supports this bullish outlook. At press time, it is in an uptrend at 52.57.
BONK RSI. Source:
TradingView
This momentum indicator monitors an asset’s overbought and oversold conditions. Configured this way, it highlights increasing bullish momentum, suggesting the asset is trending toward stronger buying conditions without reaching an overbought state.
BONK Price Prediction: Will the Rally Continue?
If this buying pressure is maintained, BONK’s price could break above its immediate resistance at $0.000033 and climb by 17% toward $0.000038.
BONK Price Analysis. Source:
TradingView
However, if selling activity recommences, the meme coin could shed its recent gains and drop to $0.000025.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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