BONK up 43% this weekwill Letsbonk.fun push it to new highs?
- The coin shows bullish consolidation with strong technical indicators and rising open interest.
- New token issuance platform, Letsbonk.fun, drives demand through innovative fee mechanics.
- The coinF futures signal heightened market speculation and potential for continued volatility.
BONK is trading at $0.00002013, having recorded a modest 0.44% daily advance. BONKs weekly chart has a notably bullish appearance, having achieved a 42.85% increase in the past week despite a dramatic 40.76% fall in 24-hour trading volume to $299.27 million.
The technical indicators indicate that the asset has reached a consolidation stage from its recent price surge. The Average Directional Index stands at a strong 72.4, indicating a strong trend, while the Relative Strength Index of 77.27 implies mildly overbought levels.
The price continues to be pegged above the significant $0.000020 level of support, an underlying bullish volume ratio of 2.58x further affirming sincere buying interest. The bullish crossover by MACD along with a wide Bollinger Band of 37.59% indicate increased volatility in the market along with a potential for additional price discovery.
Raydium partnership drives BONK ecosystem growth
Adding fuel to BONKs recent climb is the launch of Letsbonk.fun, a community-driven token issuance platform developed in partnership with Raydium. Since going live late Sunday, the platform has already generated $800,000 in fees, part of which is used to buy the coin, creating consistent upward pressure on the tokens price.
Supporters of the project, such as prominent trader theunipcs, say that the simplified model for launching a memecoin by the platform can replicate Pump.funs success, having garnered over $600 million in fees in its first year of operation. With over 10,000 already launched on Letsbonk, and high-profile projects such as HOSICO ($30 million market cap) and LETSBONK ($5.3 million market cap) taking off, the ecosystem also looks set to grow spectacularly fast, making BONKs utility far more compelling, along with its position in the Solana ecosystem.
Futures interest in BONK jumps to $250M
The bullish trade structure currently favors those who are long above $0.000020 levels. Near-term support exists at $0.000018, where stops are favored below $0.000016. For both scalpers and swing traders, $0.000021 and $0.000023 levels are reasonable upside targets, but there comes a price to pay by virtue of its overbought level RSI reading, along with a low liquidity reading of 26.43%.
Open interest in the coin futures has risen from $170 million to more than $250 million this week, a reflection of added speculative interest as well as anticipated volatility. Momentum remains favorable to the coin, but traders are being advised to position size tactically and watch volume shifts to validate breakout power.
Read more: https://www.tronweekly.com/bonk-up-43-this-week-will-letsbonk-fun-p/
Text source: TronWeekly
