BONK has surged 12% in the past 24 hours, driven by renewed investor interest after REX Shares filed for an ETF application.
The news has sparked increased demand for BONK, suggesting the potential for a sustained price rally.
BONK Climbs Following ETF Application
On Tuesday, asset management firm Rex Shares filed exchange-traded fund (ETF) applications for several meme coins, including TRUMP, DOGE, and BONK. This has since driven a resurgence in investor interest in BONK, whose value has climbed 12% in the past 24 hours.
An assessment of the BONK/USD one-day chart shows that this double-digit rally has pushed the meme coin’s price above its 20-day exponential moving average (EMA), which now forms dynamic support.
The 20-day EMA calculates an asset’s average price over the past 20 days, prioritizing recent data. When the price rises above the 20-day EMA, it signals bullish momentum, confirming buyers are gaining control. This is often viewed as a positive indicator, encouraging increased buying activity and suggesting the potential for an ongoing upward trend.
Moreover, BONK’s surging Relative Strength Index (RSI) supports this bullish outlook. At press time, it is in an uptrend at 52.57.
This momentum indicator monitors an asset’s overbought and oversold conditions. Configured this way, it highlights increasing bullish momentum, suggesting the asset is trending toward stronger buying conditions without reaching an overbought state.
BONK Price Prediction: Will the Rally Continue?
If this buying pressure is maintained, BONK’s price could break above its immediate resistance at $0.000033 and climb by 17% toward $0.000038.
However, if selling activity recommences, the meme coin could shed its recent gains and drop to $0.000025.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
