The memecoin Bonk has shown significant growth in July, rising by 100% over 14 days. However, it still remains below its historical high reached last November.
Recent Bonk Growth
According to crypto news data, Bonk (BONK) reached a 5-month high of $0.000028 on July 15. Its price has risen from $0.000011 recorded on June 23, following a downtrend that started in May. Currently, Bonk is still 50% below its all-time high of $0.000058.
Technical Analysis and Forecasts
On the daily chart, Bonk appears to have entered an ascending broadening wedge, a bearish reversal pattern. Nevertheless, forecasts suggest Bonk may still rise before encountering resistance at $0.000040, which implies a potential downturn. Optimistic indicators also favor Bonk: the supertrend line sits below the price and is colored green.
Factors Supporting Bonk's Growth
Several factors may contribute to Bonk's rally in the short term. For instance, Bonk's weighted funding rate has remained positive for the last 9 days, indicating optimism among traders. Additionally, the amount of Bonk held on exchanges has decreased, which may suggest that traders prefer to transfer their assets to private wallets.
Bonk's rally, supported by positive technical indicators and declining exchange volumes, may continue; however, traders should remain aware of potential risks tied to bearish reversal patterns.
