thecoinrepublic.com
BONK coin’s trading volumes have risen across global exchanges indicating robust demand from retail traders.
The token reached a new all-time high (ATH) recently and is currently consolidating above crucial support levels. BONK is trading actively on popular exchange platforms such as Coinbase and Upbit, and it is growing fast, especially in the West and Asia.
ATH Breakout and Strong Market Structure
As per analyst ‘Iamkadense’s’ chart, a breakout above the ATH of $0.00004781 is likely to be a major turning point for BONK’s price action. The analyst also highlighted that this has now become a support level.
Furthermore, the consolidation above this level is an indication of its upward movement without overbought and this is a bullish sentiment for long-term gains.
The price of the token continues to be backed by significant volume, thereby affirming the breakout’s strength. High participation across exchanges shows ongoing engagement, according to analysts, who remarked that volume precedes price in nearly all bull runs.
The constructive price action of BONK remains on track to create firm support for the potential upward continuation.
The momentum indicators are also in an upward trend. RSI is high at 75.84, which is in the overbought region of the chart but points to the strong rising trend on the token.
Global Trading Volume Dominance
BONK has become a competitive market, and its trading volumes exceed several popular cryptocurrencies on large exchanges.
On Coinbase, BONK has been trading far more compared to other popular tokens such as $SOL, $SHIB, $PEPE, and $WIF.
This has been fueled by high demand by American retail investors making BONK among the most traded meme coins in the market.
In South Korea, BONK recently launched on Upbit, the nation’s largest crypto exchange, and saw trading volume skyrocket within hours of its debut.
It recorded more volume than $SOL and $ETH combined and outpaced other meme coins like $SHIB, $PEPE, and $MEW.
BONK has now become the most popular meme coin in South Korea within a very short period and has almost captured the market. Furthermore, BONK is now ranked as the 7th most traded cryptocurrency.
Key Support and Resistance Levels to Watch
As BONK stabilizes above the ATH and forms a new pattern, traders are paying attention to important support and resistance levels.
The $0.00004750 ATH now acts as a strong support level, bolstering the bullish case. Below this, the 20-day SMA ($0.00003357) and middle Bollinger Band offer dynamic support in the event of a retracement.
On the upside, immediate resistance is at $0.00005941, the recent local peak. This level can act as crucial resistance, and its breakout may result in the discovery of new highs, with the next significant level being the psychological one at $0.00007000.
Market Sentiment and Outlook
BONK’s trading activity signals indicate global adoption gaining acceptance, particularly on Coinbase and Upbit. This constant surge in its trading volume on various crypto exchanges indicates that the demand is on the rise and the BONK price is capable of continuing with this rally.