BONK Signals Strong Recovery, What You Need to Know?

• Meme coin BONK surged 15% on May 19, capitalizing on the market’s resurgence.
• At the time of writing, BONK traded at $0.0000261 with a market cap of $1.66 billion.

Last week, the cryptocurrency market experienced a significant resurgence, with the global market cap increasing by 8%, reaching $2.44 trillion. This rise represents an over $150 billion gain, bolstered by substantial increases in most leading cryptocurrencies. Bitcoin, in particular, made notable strides, surpassing the $67,600 mark overnight.

Following this overall market upturn, meme coins faced significant attention. Among them, Bonk (BONK) initially showed bearish trends but capitalized on the market revival on May 19, recording a 15.3% daily gain and ending the day at $0.00002598. 

This rally allowed BONK to break through the 50-day EMA, a resistance level challenging since May 10. Yesterday, the token hit a 15-day high of $0.00002828 before encountering resistance, which led to a 3.9% intraday decline today.

Nonetheless, BONK maintained its position above the 50-day EMA, signaling continued bullish momentum. The subsequent days were favorable, with the coin achieving a 10% gain, sustaining the upward trend. 

Will BONK Hit New Highs?

If BONK continues to uptrend and trades between $0.00002601 and $0.00002820, bulls aim to breach the $0.0000307 resistance level. If BONK climbs above these levels, it could drive BONK towards $0.000035. Conversely, a pullback to $0.00002306 could test the token’s resilience, potentially leading to a retest of the 50-day EMA if it falls below this support level.

Within the Solana ecosystem, BONK has been the largest meme coin, however, now Dogwifhat (WIF) has emerged as a major competitor, boasting a market cap exceeding $2.68 billion.

At the time of writing, BONK is trading at $0.0000261, with a market cap of $1.66 billion, highlighting its ongoing strong performance in the dynamic crypto market.

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