Is BONK Set to Ride Higher With a 21% Jump and 324% Volume Burst?

• BONK price jumped 21%, now trading at $0.000017.
• Daily trading volume has skyrocketed by 324%.

The trading day opened with a wave of optimism sweeping through the crypto assets, stepping into the bullish phase. The Fear and Greed Index value is holding at 54, displaying neutral sentiment in the market. Notably, Bitcoin (BTC) is hovering at $109.3K while Ethereum (ETH) trades at around $2.6K

The meme coin market cap has reached $60.7 billion, after an 11.1% surge. All major assets are on the upside, and the Solana-based meme coin, BONK, has gained in double-digits, a solid 21.89% in the last 24 hours, also emerging as the top gainer

BONK has recorded its lowest price at around $0.00001403 in the early hours. With the strong bullish dominance, the price has climbed to its highest at the $0.00001745 mark, breaking all key resistance zones

At the time of writing, BONK traded at the $0.00001735 region, with a market cap of $1.39 billion. Furthermore, the daily trading volume of the meme coin has skyrocketed by over 324%, reaching $541 million, according to CMC data

Is BONK Gearing Up for a Big Move?

The four-hour trading window of the meme coin exhibits bullish momentum. The price might move up and find its key resistance at around $0.00001742. Further correction on the upside could trigger the emergence of the golden cross, which would drive the BONK price to hit high targets above the $0.00001750 mark

Contrarily, assuming BONK fails to hold its current trading level, the price could right away slip to its support zone at the $0.00001728 level. A steady drop might strengthen the downside correction and initiate the formation of the death cross. The potent bears may likely send the meme coin price below $0.00001720.

*BONK chart (Source: TradingView)*In addition, the Moving Average Convergence Divergence (MACD) line of BONK is positioned above the signal line, implying the upward momentum. It also looks at the incoming upward correction. Besides, the meme coin’s Chaikin Money Flow (CMF) indicator, staying at 0.36, is considered strongly bullish. The buying pressure is higher than the selling pressure in the market, with the money flowing into the asset

BONK’s current market sentiment is deeply overbought, with the daily Relative Strength Index (RSI) found at 80.72. It suggests that there is a chance of a pullback or consolidation. Moreover, the Bull Bear Power (BBP) reading of 0.00000366 indicates that the bulls have a slight upper hand in the market.

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