{"id":358678,"date":"2023-12-15T00:00:12","date_gmt":"2023-12-14T18:30:12","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=358678"},"modified":"2023-12-15T00:11:09","modified_gmt":"2023-12-14T18:41:09","slug":"bonk-coins-52-surge-could-it-be-the-next-big-crypto","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bonk-coins-52-surge-could-it-be-the-next-big-crypto\/","title":{"rendered":"Bonk coin&#8217;s 52% surge: Could it be the next big crypto?"},"content":{"rendered":"<p><i>Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer\u2019s opinion.<\/i><\/p>\n<ul>\n<li><em>The demand behind BONK has fallen despite the short-term rally.<\/em><\/li>\n<li><em>The possibility of a range formation was present, and BONK&#8217;s reaction at the local resistance would be illuminating.<\/em><\/li>\n<\/ul>\n<p>Bonk [BONK] prices bounced 52% in the past 24 hours. This came after a dip into a zone of demand that <a href=\"http:\/\/ambcrypto.com\/analyzing-if-bonk-buyers-should-expect-good-news-from-its-price-prediction\/\" target=\"_blank\" rel=\"noopener\">AMBCrypto<\/a> had reported as significant a couple of days ago.<\/p>\n<p>However, the recent gains have brought the meme coin to a resistance zone from the 9th of December.<\/p>\n<p>The price action of the past week suggested two possibilities for BONK. The strong upward momentum pointed toward the likelihood of a breakout past the local highs.<\/p>\n<p>Yet, evidence from technical analysis suggested that bulls were not as strong as they appeared. Could we see all of the previous day&#8217;s gains wiped out soon?<\/p>\n<h4><strong>The lower timeframe consolidation zone was defended firmly<\/strong><\/h4>\n<figure id=\"attachment_358717\" aria-describedby=\"caption-attachment-358717\" style=\"width: 1940px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/PP-1-BONK-price.png\"><img decoding=\"async\" class=\"size-full wp-image-358717\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/PP-1-BONK-price.png\" alt=\"Assessing the chances of a BONK breakout past the local highs\" width=\"1940\" height=\"1099\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/PP-1-BONK-price.png 1940w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/PP-1-BONK-price-300x170.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/PP-1-BONK-price-1024x580.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/PP-1-BONK-price-768x435.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/PP-1-BONK-price-1536x870.png 1536w\" sizes=\"(max-width: 1940px) 100vw, 1940px\" \/><\/a><figcaption id=\"caption-attachment-358717\" class=\"wp-caption-text\">Source: BONK\/USDT on TradingView<\/figcaption><\/figure>\n<p>The area marked in cyan represented a consolidation region on the four-hour chart that had been tested multiple times in the past few days. The most recent retest saw BONK bounce by close to 52% within a day.<\/p>\n<p>However, the On-Balance Volume (OBV) formed a lower high compared to 9th December. This indicated that the recent buy was not spurred by genuine demand.<\/p>\n<p>The RSI also dipped on the 12-hour chart to signal weakened bullish momentum.<\/p>\n<p>A breakout past the $0.0000149 level and a retest would offer a buying opportunity targeting the 61.8% Fibonacci extension level at $0.0000219.<\/p>\n<p>On the other hand, it was also possible that BONK would face rejection at $0.0000149 and fall to the the local lows at $0.00000995.<\/p>\n<h4><strong>The increased Open Interest helped explain the surge in prices<\/strong><\/h4>\n<figure id=\"attachment_358715\" aria-describedby=\"caption-attachment-358715\" style=\"width: 1855px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/PP-1-BONK-coinglass.png\"><img decoding=\"async\" class=\"size-full wp-image-358715\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/PP-1-BONK-coinglass.png\" alt=\"Assessing the chances of a BONK breakout past the local highs\" width=\"1855\" height=\"609\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/PP-1-BONK-coinglass.png 1855w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/PP-1-BONK-coinglass-300x98.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/PP-1-BONK-coinglass-1024x336.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/PP-1-BONK-coinglass-768x252.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/PP-1-BONK-coinglass-1536x504.png 1536w\" sizes=\"(max-width: 1855px) 100vw, 1855px\" \/><\/a><figcaption id=\"caption-attachment-358715\" class=\"wp-caption-text\">Source: <a href=\"https:\/\/www.coinglass.com\/BitcoinOpenInterest\" target=\"_blank\" rel=\"noopener\">Coinglass<\/a><\/figcaption><\/figure>\n<p>The OBV deals with the buying and selling volume per trading session in the spot market.<\/p>\n<p>Meanwhile, the data from Coinglass showed that the increased Open Interest of the past 24 hours came alongside a rapid increase in prices.<\/p>\n<hr \/>\n<p style=\"text-align: center;\">Read <a href=\"http:\/\/ambcrypto.com\/predictions\/bonk-price-prediction\" target=\"_blank\" rel=\"noopener\">Bonk&#8217;s [BONK] Price Prediction<\/a> 2023-24<\/p>\n<hr \/>\n<p>The inference was that the rally was not driven by buying pressure but by OI. Such a rally can last only a short while and is more likely to retrace.<\/p>\n<p>Therefore, despite the strong bullish momentum, it was anticipated that BONK would descend toward $0.00000995 once more.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BONK has a strong bullish bias based on the past 24 hours of trading, but the run was likely to reverse.<\/p>\n","protected":false},"author":57,"featured_media":358716,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,41,18,5824,66,3,23,4,20],"tags":[],"class_list":["post-358678","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-analysis","category-hide-cryptopanic","category-memecoins","category-new-news","category-news","category-no-home","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Bonk coin&#039;s 52% surge: Could it be the next big crypto? - AMBCrypto<\/title>\n<meta name=\"description\" content=\"BONK prices bounced 52% in the past twelve hours. 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