- BONK indicated that bullish pressure won in lower timeframes.
- Recent structure breaks and consistent purchasing pressure over the past few months may be enough to sustain a rally.
Bonk [BONK] Bulls have forced this week’s strong rise after the news that a BONK token burn proposal. Although this proposal for a token burning of 84 Billion has not been approved, the possible reduction in supply is making bulls excited. They have forced a 23% movement from Monday’s opening.
It is important to note that the word “you” means “you”. weighted sentiment The trading volume was declining, but the sentiment was still positive. This is a signal that the price surge has ended.
Daily structure turning bullish
On the 1-day chart, it was clear that $0.00000256 had been set as the recent low in June. On July 9, the trading session for the day closed above the level. It was a positive flip of the chart.
In the last six week, the 78.6% level of retracement was a solid support. In the days to come, bulls are hoping that they can defend $0.0000025 and $0.0000023.
The RSI has broken above neutral 50. This is another early indication of a trend change in favor of the bulls. OBV is slowly moving upwards since March. It signals that another explosion rally won’t be an issue of if, but when.
Data from futures markets showed a sentiment of optimism
The open interest increased by $283.3 millions on July 10th, from just $205 on July 8th. OI went up quickly, and the rise in prices meant that many speculators wanted to take long positions. memecoin.
Overall, the sentiment is positive.
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After falling on both the 5th July and the most recent 9th July, the funding rates have climbed to positive territory.
The market did not appear to be overheating.
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Source: ambcrypto.com