BONK, the meme coin, experienced a surge of 15% on May 19, taking advantage of the market’s resurgence. Currently, BONK is being traded at $0.0000261 and has a market cap of $1.66 billion.
Last week, the cryptocurrency market witnessed a significant revival, with the global market cap increasing by 8% and reaching $2.44 trillion. This rise represents a gain of over $150 billion, mainly driven by substantial increases in leading cryptocurrencies. Bitcoin, in particular, made significant progress by surpassing the $67,600 mark overnight.
Following this overall market recovery, meme coins garnered considerable attention. Among them, Bonk (BONK) initially showed bearish trends but managed to capitalize on the market revival on May 19, recording a 15.3% daily gain and closing the day at $0.00002598.
This rally allowed BONK to break through the 50-day EMA, a resistance level that had been challenging since May 10. Yesterday, the token reached a 15-day high of $0.00002828 before encountering resistance, resulting in a 3.9% decline today.
Nevertheless, BONK has maintained its position above the 50-day EMA, indicating continued bullish momentum. The following days have been favorable, with the coin achieving a 10% gain and sustaining the upward trend.
The question now is whether BONK will reach new highs. If the upward trend continues and BONK trades between $0.00002601 and $0.00002820, bulls are aiming to surpass the resistance level at $0.0000307. If BONK manages to go beyond these levels, it could potentially drive the coin towards $0.000035. On the other hand, a pullback to $0.00002306 could test the token’s resilience, and if it falls below this support level, there might be a retest of the 50-day EMA.
In the Solana ecosystem, BONK has been the largest meme coin, but it now faces competition from Dogwifhat (WIF), which boasts a market cap exceeding $2.68 billion.
Currently, BONK is being traded at $0.0000261 with a market cap of $1.66 billion, showcasing its strong performance in the dynamic crypto market.
In other news, the focus is on whether Bitcoin’s bullish momentum can break through the $69K mark.