Whales Set Their Eyes on the Top in This Meme Coin: Will the 30% Rally Continue?

0

In an interesting twist, in line with the bullish trend prevailing in the overall crypto market, a meme coin bonk, has gained significant traction in the global crypto world, rising nearly 30% today, February 29. This rise has garnered significant attention as accumulation has stood out on the crypto scene, pushing the price of the smart money up.

Data announced by Lookonchain according toIt was revealed that a staggering 98 billion BONK was purchased from Binance, one of the world’s leading cryptocurrency exchanges. This accumulation seems to be the main reason for BONK’s rise today, attracting the attention of crypto market traders and investors.

Navigating BONK’s Unexpected Rise

In the last seven days, up to February 26 meme coinshowed a static performance. However, the above-mentioned whale accumulation eventually increased the price significantly, giving it gradual upward momentum. BONK’s supply was greatly impacted by this whale accumulation, leading to the aforementioned rise.

Meanwhile, technical indicators currently show that there is strong buying sentiment for BONK in the market. While it is worth noting that further whale accumulation could push prices significantly higher, the current RSI is signaling overbought conditions and increasing speculation on the altcoin. This could increase the possibility of BONK rallying to a new ATH if whales accumulate more.

However, as it approaches critical resistance levels between $0.000024 and $0.000028, a close above these levels could limit the upside for the meme coin as it resists the asset’s selling trend. However, a close above these resistance levels could pave the way for further upside.

With the upcoming Bitcoin halving, crypto- A growing bullish sentiment among market traders and investors indicates that BONK, along with other altcoins, could reach a new ATH. Additionally, it remains extremely important to avoid the temptation to take profits prematurely when market bulls are intent on pushing the asset higher.

BONK Price Rallies

Koinfinans.com As we reported, at the time of writing this news, the BONK price has increased by 30.23% in the last 24 hours. It is currently trading at $0.0000214. Meme coin has sparked tremendous market optimism with a weekly increase of 76.92%.

Derivatives data released by tracker Coinglass indicated an uptrend in the market, reflecting the rise of the meme coin. Open interest increased by 27.10% to $9.40 million, while volume increased by 139.72% to $269.43 million. This showed that, along with increased market activity, there was a significant amount of new money entering the market.

Additionally, the OI-weighted funding rate has also increased tremendously, currently standing at 0.1021%. This showed that traders were ready to invest more to maintain their long positions in BONK and contributed to the bullish environment experienced by the meme coin.

Consistent with this rise, crypto market enthusiasts expect to see supported prices in the future, with continued whale accumulation as a strong buying sentiment prevails. However, traders and investors should note that a correction could occur if they sense selling pressure at or above resistance.


source site-8