Amid shifting market conditions, meme coins capitalized on the opportunity to boost their values. BONK took the spotlight with an impressive 40% surge, while FLOKI also experienced significant growth.
These gains coincided with increased social media activity surrounding BONK, indicating heightened interest in the meme coin sector.
BONK Rockets 40% After Bitcoin’s Fourth Halving
In the wake of Bitcoin’s fourth halving, the cryptocurrency market experienced a surge, with BONK emerging as one of the top gainers, witnessing a remarkable 40% increase in its value within just 24 hours. As per CoinMarketCap data, BONK was trading at $0.00002145, boasting a market capitalization exceeding $1.4 billion.
The surge in BONK’s trading volume, soaring by over 200%, laid a strong foundation for the bullish trend. Moreover, the meme coin garnered significant attention across the crypto community, reflected in the spike in its Social Volume. According to Santiment’s data, BONK’s Weighted Sentiment also showed improvement, signaling a decrease in bearish sentiment surrounding the meme coin.
Source: Santiment
Analyzing BONK’s daily chart revealed promising indicators for further bullish momentum. The coin’s Chaikin Money Flow (CMF) witnessed a sharp uptick, and its Money Flow Index (MFI) surpassed the neutral mark. Additionally, BONK’s price surged above its 20-day Simple Moving Average (SMA), indicating a potential continuation of the bull rally.
Source: TradingView
Looking ahead, Hyblock Capital’s analysis identified potential targets for BONK in the coming days. The meme coin’s smooth trajectory suggests a path leading up to the $0.0000232 mark. However, increased liquidation at this level could trigger a slight price correction. Nevertheless, a successful breakout above this level might propel BONK towards touching $0.000025.
Source: Hyblock Capital
Bullish Trends for BONK and FLOKI
BONK and FLOKI experienced significant bullish movements, with BONK surging by 40% and FLOKI increasing by over 20% in the last 24 hours. At the time of reporting, FLOKI was trading at $0.0001744, boasting a market capitalization exceeding $1.6 billion.
Source: Santiment
Notably, FLOKI’s metrics displayed optimistic signals. The meme coin’s Open Interest rose in conjunction with its price, while its Funding Rate remained low. Typically, when the Funding Rate is low, prices tend to trend upward, indicating a potential continuation of FLOKI’s uptrend.
Further bolstering the bullish outlook, FLOKI’s MACD hinted at the possibility of a bullish crossover, while its Chaikin Money Flow (CMF) surged northward, suggesting a potential increase in the meme coin’s price in the coming days.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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