The impressive recovery of Bonk: Is the $0.00002 mark within reach?

Bonk (BONK) has made a strong rebound, increasing by 21.22% after bottoming out at the most recent level of $0.000013, climbing to a local peak of $0.0000175 at the time of writing.

Alongside the price increase, the trading volume of this memecoin also surged by 332%, reaching 548 million USD — a clear signal indicating that demand is rising strongly from the market.

Demand for Bonk is rising sharply

After a period of retreat from the market, buying pressure has officially returned, signaling the formation of a new wave of demand. According to data from Coinalyze, on July 3 alone, the buying volume for BONK surged to 1.61 trillion tokens, outperforming the 1.44 trillion tokens sold during the same time.

Source: CoinalyzeThis positive trend is not coincidental. A day earlier, the buying volume also reached 1.21 trillion tokens, helping Bonk record an impressive positive buy-sell delta of 167.31 billion tokens — a clear indicator that the spot demand is increasing significantly.

Notably, this recovery comes right after a four-day consecutive period where Bonk faced selling pressure, as investors continuously dumped their holdings beyond the accumulation level.

The latest developments show that large-scale buying activity is returning, with new capital flowing into the market, raising hopes for a strong recovery phase ahead.

Derivatives Move with the Uptrend

The derivatives market data shows that new capital is actively flowing into Bonk. According to statistics from CoinGlass, the open contracts (OI) — which represents the total value of outstanding derivatives contracts — have surged by 45.93%, reaching 17.38 million USD. At the same time, trading volume also recorded a spike of 271.1%, totaling 97.59 million USD.

Source: CoinGlassThe simultaneous increase in OI and trading volume is a clear signal that the Futures market is attracting more participants, especially new investors.

Additionally, the Long/Short ratio of Bonk has risen to 1.057, reflecting growing confidence in the upward trend. A ratio exceeding 1 is often seen as an indicator that buying pressure is dominating the market.

What do momentum indicators say?

BONK has just recorded an impressive rebound as the speculative wave returns to the market. In the context of the overall cryptocurrency market gradually recovering, the fear of missing out (FOMO) makes investors quickly take advantage of setting up strategic positions.

The heat of the upward trend is clearly reflected in the MACD indicator, as this index has surged to -0.00000023 at the time of writing — a sign that buying momentum is increasing strongly.

Source: TradingViewAt the same time, the relative strength index (RSI) of Bonk has also bottomed out at 60, approaching a bullish trend zone. This RSI level indicates that buyers are clearly in control of the market.

If buying pressure continues to be maintained in the coming time, Bonk is fully capable of recovering to the level of $0.000018 and even extending the upward trend towards the threshold of $0.000020.

However, in the opposite scenario — when the upward momentum weakens and profit-taking pressure increases — Bonk may return to test the support area around $0.000015.

SN_Nour