BONK Price Rallies 10% in 24 Hours with $500 Million Volume: Can It Overtake Shiba Inu?

cryptonews.com:

Over the last 24 hours, the BONK price has rallied a significant 10.35% amid a wider market decline, where meme coins experienced a net 1.4% decline.

Interestingly, indicators are hinting towards further upside.

Over the past week, BONK recorded a 19.28% gain. This impressive increase contrasts with the losses observed in major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) , which have seen retracements.

This performance highlights a resurgence from BONK, making headway to recover from the 20.27% loss it has made over the past month.

Indeed, despite less than optimal price action in recent weeks, trader interest in BONK remains robust – the coin’s trading volume has surged by 99.02% over the past 24 hours.

After its surge in the early hours of this morning, it appears that the BONK price is primed for further upside.

Most notably, BONK appears to be approaching a retest of the $0.00002568 support level (dark grey) following a failed attempt to push through resistance. If it can decisively bounce off this support, it would indicate resilience and further upside potential.

This prospect is supported by the meme coin’s relative strength index (RSI) (purple), which has decreased to 55 from 85 since its failed resistance test.

This represents a pullback from overbought conditions to more stable ones, mirrored in the slight price correction.

However, while 55 represents a neutral stance, it still airs on bullishness. Therefore, it would be credible to interpret this as a cool down, forming a stronger foundation before further upside.

Wider trends suggest this may be the case. Most significantly, the 30-day moving average (yellow) is trending steeply upwards, sitting comfortably above the 200-day moving