BONK Surges by 21% as Bulls Regain Control, What\'s Next?

BONK, one of the market's more popular memecoins, has been on a roll recently. At press time, it had surged by an impressive 21% in the last 24 hours

Memecoin BONK has been making waves in the market recently, with a 21% price surge in the last 24 hours. At press time, BONK was trading at $0.00003148. This price action is setting the stage for a potential bullish run towards the next key resistance level at $0.00003592.

A breakout through a significant resistance level usually shifts market sentiment. This breakout comes after a period of consolidation, indicating that the bulls have regained control.

BONK's Open Interest also surged

An analysis of BONK's Open Interest data from Coinglass reveals a significant spike in OI, alongside the price surge. A surge in open interest signifies growing market participation and could be a sign of a continued bullish rally.

A positive correlation between price and open interest usually implies a strengthened market trend. In this particular case, it is a favorable indicator of further price hikes.

BONK liquidations concentrated at lower prices

An analysis of Coinglass liquidity data reveals the liquidity level. We found that there is a concentration of liquidations at lower price levels. This means that short positions are being kicked out of the market, potentially fueling BONK's price movement further upwards.

An analysis of Hyblock Capital's data showed that a majority of the liquidations were concentrated below the $0.000025 price level.

What's next for BONK?

The recent 21% price surge and breakout from key resistance levels at $0.00002940 have set the stage for a potential run towards $0.00003592. The confluence of increased open interest, bullish liquidation patterns, and strong price action suggests that BONK may continue its upward momentum.

However, short term price corrections cannot be completely written-off as the market is volatile.

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