Market Intelligence Platform for Onchain Social metrics, Santiment tweeted that BONK’s market cap rose by 116%+, largely due to Coinbase listing it on their platform. This eventually helped BONK scale up from 69 to 43 in ranking as the largest asset in 12 hours. Moreover, Santiment’s results stated that BONK was the subject of discussion in 5.5% of all asset talks.
After surpassing SHIB, BONK is now closing in on another meme coin, FLOKI. At press time BONK is valued at $0.00003049 after experiencing an increase of 106% within 24 hours. When considering the chart below, it could be noted that BONK has been increasing exponentially.
The token was fluctuating around $0.00000060 region in November 2022. It tested the 3:1 Gann line a few times but wasn’t able to break above it. However, on December 6, the token broke the 3:1 Gann line and rose above it effortlessly. It is currently above the 1:1 Gann line and BONK could keep on rising as the market could take a bullish turn with BTC halving around the corner.
However, BONK is overbought as it has gone above the upper Bollinger band. Even the RSI says that BONK is overbought. As such, the market may correct the prices and BONK could move sideways, or, perhaps downwards. In the event that there is no consolidation for BONK, then, it may seek to land on $0.0000105. And if the bears are dominant then it may fall back to square one at $0.00000060. However, the question is, will the bears be able to have a significant effect on BONK when the market conditions are favorable and BONK is the matter of discussion?