BONK (BONK) has experienced a notable surge in interest recently, resulting in its market value surpassing that of Floki Inu (FLOKI). Since testing resistance levels at $0.00001934 on April 14th, BONK’s price has nearly doubled, representing a 103% increase.
BONK’s Ascending Formation
In March, BONK’s price formed a double top pattern before undergoing a price decline. Subsequently, BONK’s price continued to drop, forming multiple lower highs and lows, indicating the emergence of a downward trend.
Despite these factors, BONK managed to gather significant bullish momentum, leading to a rise that exceeded the initial low levels. While the trend has not completely reversed, it appears more likely that BONK could surpass the $0.00002946 level in the future.
If BONK achieves this, its next target could be the $0.00003654 level. However, at the time of writing, BONK’s Chaikin Money Flow (CMF) has significantly decreased in the past few days, reaching -0.17 levels. This suggests a substantial reduction in money flow towards BONK recently, which could be attributed to some investors taking profits.
Comparison Between BONK and FLOKI
The Relative Strength Index (RSI) for BONK has also dropped to 47.68 in recent days. BONK’s momentum has become neutral at the time of writing, indicating possible sideways movement. The social volume surrounding BONK has significantly increased recently, indicating a rise in its popularity on social media platforms.
However, the weighted sentiment surrounding the token has decreased. Currently, negative comments outweigh positive ones. In comparison, FLOKI has experienced a decline in social volume and a significant drop in weighted sentiment. FLOKI is currently trading at $0.0001689, down by 6.58%.
Disclaimer:
The information presented in this article should not be considered as investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry inherent risks. It is essential to conduct thorough research before making any investment decisions.