Bonk (BONK) Meme Coin Defies Market Trend, Poised for a Massive Price Surge Despite Bearish Sentiment

With an impressive 4% price surge, it has gained significant attention from the crypto community resulting in its open interest skyrocketing by 16%

Despite the overall bearish market trend, Bonk (BONK) has soared by 4% in the last 24 hours, defying the market downturn. This meme coin has attracted attention with its impressive price performance, leading to a 16% increase in open interest.

CoinGlass's BONK Long/Short ratio also indicates bullish sentiment, with a reading of 1.112 at the time of writing. This metric showcases traders' market views and collective market sentiment.

Highlighting this bullish outlook, the data reveals that 53% of top traders hold long positions, while 47% hold short positions. These traders are known for their large trading volumes and ability to influence market movements.

Relative to other major cryptocurrencies, BONK outperformed BTC, ETH, SOL, and BNB in the last 24 hours. At press time, it trades at around the $0.0000162 level, with a price surge of over 4% in this period.

Technical analysis reveals that BONK faces crucial support at the $0.000015 level. At the same time, a descending trendline and a horizontal resistance level at $0.0000164 pose significant hurdles.

If BONK's price momentum continues and breaks out of both resistances, it could surge by 30% to reach the $0.0000213 level in the coming days.

Meanwhile, the Relative Strength Index (RSI) is in oversold territory, suggesting a potential bullish price reversal in the coming days.

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