Bonk’s price saw double-digit growth on Tuesday, pushed by a rise in confidence in meme coins. At the same time, the launch of BONKrun has kept investor sentiment around BONK upbeat, raising the price.
At press time, the token was trading up 5.87% at $0.00002531, the top gainer for the day, according to data from CoinMarketCap.
BONK price influenced by increase in retail investors
At this moment, BONK is at its highest point since mid-June, and it appears that it may rise even further. On the daily chart, BONK has recently surpassed its 50-day exponential moving average (EMA), which is typically a bullish indication for a token.
Since yesterday, BONK’s spot trading volumes have doubled, a surprising development that suggests a sudden keen interest from retail investors. While it’s too early to predict the future, BONK is a company that has piqued the interest of many and is worth keeping an eye on in the near future.
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Concurrently, Bonk revealed BONKrun, their most recent endeavor in collaboration with Octo Gaming and Paris Musketeers. One of the most recent games, it caters to a large number of mobile gamers and can be found on Google Play and the App Store. Gamers can accumulate points in the game and win virtual currency rewards. This approach powerfully combines gaming and cryptocurrency experience.
Bonk price analysis: Will it rise further?
An interesting phenomenon to notice in the Bonk price trajectory is that the rise coincides with an overall bullish sentiment toward altcoins. As the market moves away from the OG-crypto Bitcoin, memecoins and AI coins are enjoying a ride of their own.
This is a fantastic moment to learn more about Bonk because many traders anticipate that alt-seasons will continue in the upcoming months, which might mean even more capital streaming into the meme currency market.
TradingView Data suggests that Bonk’s mid-level RSI and dropping moving averages show favorable price swings which may continue in the coming month. This is a strong bullish cue for investors, which can lead to a further drive for the BONK/USDT pair up toward the $0.00003690 resistance level.
However, purchasing pressure might push the price down to $0.000048 in the coming month, if a bearish scenario was to come true.
As Bankless Times reported, Bonk has recently solidified its position in terms of investor sentiments. Along with DOGE, SHIB, and WIF, it cemented as one of the most well-known meme currencies, as its market capitalization hit an all-time high of $2.7 billion in May. If the bullish trend continues, the coin might hit another all-time high market cap.
