Bonks trading volume increases by 17.7% while prices skyrocket by 18.77%.

• Bonk trading volume increased by 17.7% while prices increased by 18.77%
• One analyst expects an increase to 0.000027 USD

BONK, the fifth-largest memecoin by market cap, has experienced significant price fluctuations over the past seven days.

At press time, the memecoin was trading at $0.00002126 on the charts, representing a price increase of 3.29% in the last 24 hours.

However, prior to this price action, the memecoin had experienced a significant price decline, reaching a low of $0.00001552.

Although Bonk has made significant gains, it remains relatively below its recent high of $0.00003391. Therefore, the main question among major analysts is whether the memecoin will see further gains.

According to well-known crypto analyst Manofbitcoin, Bonk has broken out of wave 1 of the Elliot cycle.

Market sentiment

Source: X

Manofbitcoin, in his analysis, assumed that the memecoin will reach $0.000027 when it reaches the third wave of the wave.

The third wave is important because it results in the strongest and fastest upward movement in price.

According to the analysis, Bonk will reach wave 3/5 and increase significantly to $0.0027, which was last seen in June.

What Bonk price charts suggest

Notably, Manofbicoin's analysis showed that Bonk will make moderate gains to revisit the June lows. However, it is important to determine what the current price action suggests.

First of all, Bonk has seen significant gains over the past seven days, gaining 18.77% on the weekly charts.

Likewise, the memecoin's trading volume has increased by 17.71% to $225 million. During the same period, Bonk's market capitalization increased by 3.35% to $1.48 billion. This shows that the memecoin has experienced a strong upswing in recent weeks.

Source: Tradingview

A closer look at the Aroon line suggests that the recent price action has produced more highs than lows, resulting in a strong upward move.

At the time of writing, Aroon Up is at 92.8% and above Aroon Down at 57.14%.

Source: Coinglass

Additionally, according to Coinglass, Bonk's open interest has increased over the past seven days. In the past 24 hours, open interest has increased from $7.82 million to $8.72 million.

This showed that investors are opening new positions and holding existing ones. This is a positive market sentiment.

Source: Market Prophecy

The prevailing market sentiment is further supported by our analysis from Market Prophit. According to Market Prophit data, Bonk enjoys positive market sentiment across most areas.

Realistic or not, here is BONK’s market cap in BTC terms

The data showed that the crowd sentiment is positive at 0.0762 and the buzz score is 1.31. This means that the memecoin is very popular among investors.

Therefore, if the current market conditions continue, Bonk will see northward price movements. A breakout from the descending channel will strengthen the memecoin and make an attempt to reach a resistance level of $0.000025.