On Wednesday, the price of the popular memecoin BONK skyrocketed to $0.00002753, reaching its highest level since early April.
Memecoin frenzy is making a comeback
The value of the meme coin has more than doubled, showing a 118% rise from its lowest point this month. This impressive growth has positioned it as a leader in its segment, coinciding with the overall recovery of the cryptocurrency sector.
BONK chart. Source: Tradingview
Market analysts speculate that the surge in BONK’s price can be attributed to investors flocking back to memecoins after a decline, as there is a renewed interest in these types of coins.
Other tokens in this category, such as PEPE, dogwifhat (WIF), and MAGA (TRUMP), have also experienced significant growth.
In addition, fintech giant Revolut recently announced the listing of BONK, which has further fueled bullish sentiment among investors.
Market data reveals a BONK rally amidst heightened trading activity. According to CoinGecko, trading volume on Wednesday surpassed $531 million, a significant increase compared to the previous day’s $177 million.
Growth leaders in the memecoin space. Source: Coingecko
Meme cryptocurrencies continue to attract traders, and the current dynamics of BONK suggest that it could potentially witness a parabolic rally.
Price analysis: rally gaining momentum
The 4-hour chart shows that the token has broken through the resistance formed by the 0.382 Fibonacci retracement level, experiencing a 7.35% surge and reaching $0.00002659. The chart indicates a strong uptrend, with the Fibonacci retracement suggesting a robust rebound from lower levels.
If BONK manages to close above the key support level (green line), it could propel the token to the next 0.5 Fibo level (blue line), marking a new monthly price high.
BONK price chart. Source: Tradingview
The Relative Strength Index (RSI) is on the rise, indicating growing momentum, although it remains below the overbought zone. This trend suggests potential continued growth without immediate signs of a pullback.
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