BONK rallies 20% to outperform other major coins, eyes $0.000040

Key takeaways

BONK is the best performer among the top 100 cryptocurrencies by market cap, up 20% in the last 24 hours.
The memecoin has added 60% to its value in seven days and now eyes the $0.000040 resistance.

BONK outperforms other major cryptocurrencies

BONK, Bonk’s native token, is the best performer among the top 100 cryptocurrencies by market cap. The memecoin has added 20% to its value in the past 24 hours and now trades at $0.00003426 per coin.

The rally comes amid renewed optimism in crypto markets, with altcoins leading the charge. Memecoins are currently outperforming other narratives, with DOGE, WIF, SHIB, FLOKI, and PEPE all in the green.

Furthermore, this rally is fueled by BONK’s inclusion on Grayscale’s institutional surveillance list. The milestone legitimizes the memecoin in the eyes of broader market participants.

BONK eyes $0.000040 resistance amid growing demand

The BONK/USD 4-hour chart is currently bullish thanks to the memecoin’s excellent performance. The technical indicators are extremely bullish, suggesting that buyers are in firm control.

The pair is set to challenge the $0.000035000 level, a psychological barrier that could open room for further upside if the broader rally continues. If the rally continues, BONK could test the major resistance level at $0.00004047, setting a new yearly high in the process. However, it would need the help of the broader market to hit the $0.00004870 resistance level in the short term. BONK would likely drop to the $0.00003069 level to gain efficiency before it resumes its rally.

The RSI of 80 shows that BONK is currently in the overbought region and could face a slight retracement soon. The MACD lines are also in the bullish zone, indicating that buyers are currently in control of the market.

On the downside, if bears regain control, BONK could retest the TLQ level at $0.00002705 in the short term. An extended bearish run would allow BONK to drop to the last major Break of Structure (BoS) at $0.00002476.

The post BONK rallies 20% to outperform other major coins, eyes $0.000040 appeared first on CoinJournal.

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