Rally

Memecoin

Resistance

Bonk

The cryptocurrency market began the new week with strong bullish momentum, led by Ethereum’s recent surge to $3800. In the past 24 hours, ETH’s price has increased by 22%, fueled by market excitement over the first <a href="https://coingape.com/breaking-fidelity-slashes-staking-for-ethereum-etf-in-latest-s-1-amendment/">spot Ethereum ETF</a>. This rally has spurred notable gains across major altcoins, with Solana-based <a href="https://coingape.com/markets/bonk-price-prediction-reversal-pattern-signals-potential-of-22/">Bonk</a> standing out as one of the top performers, recording a 33% price increase. 
Also Read: <a href="https://coingape.com/markets/crypto-price-prediction-21-5-ethereum-etf-hype-market-rally/">Crypto Price Prediction 21/5: Ethereum ETF Hype Fuels Major Market Rally</a> 
<h2 id="b-bonk-memecoin-targets-0-000047-after-breaking-key-resistance-b">BONK Memecoin Targets $0.000047 After Breaking Key Resistance</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/v/VylDE1Va.png" alt="BINANCE:BONKUSDT Chart" width="1815" height="772">
 <figcaption class="wp-caption-text">
 Bonk Price| Tradingview
 </figcaption>
</figure> 
The cryptocurrency market experienced nearly $400 million in liquidations over the past 24 hours, according to data highlighted by <a rel="nofollow" href="https://x.com/DominandoCripto/status/1792746906126344460?t=EmeQe8JdIaR8E4j9L89o5A&amp;s=35">Dominando Cripto</a>. The majority of these liquidations were from short positions, with Bitcoin and <a href="https://coingape.com/trending/ethereum-price-heres-why-the-eth-price-is-rising-heavily-today/">Ethereum</a> alone accounting for $218 million of the total. 
Current market data shows $69.12 billion in open interest, reflecting the total number of outstanding derivative contracts yet to be settled. The volume in the past 24 hours reached $212.01 billion, and the liquidation volume hit $387.26 million. Notably, the market’s long-short ratio stands at 2.46, indicating a significant increase and demonstrating a strong inclination towards long positions. 
<blockquote>
 The BONK memecoin entered its current recovery trend in late April, after maintaining a price above $0.000013. The bullish turnaround propelled the asset value 148% to currently trade at $0.0000328.
</blockquote> 
An analysis of daily charts shows the recovery developed an inverted head and shoulder pattern— a chart setup often interpreted as the bottom formation and a precursor for prolonged recovery. 
Amid the market excitement around the potential approval of ETH ETFs, the <a href="https://coingape.com/price/bonk/">BONK price</a> recorded a 7.8% jump today and breached the neckline resistance of $0.00003. 
If the Bonk price sustains a recent breakout, the buyers will obtain a suitable footing to prolong its rally to $0.000047, followed by $0.0000712. 
<h2 id="span-style-font-weight-400-technical-indicator-span">Technical Indicator:</h2> 
<ul> 
 <li aria-level="1">Exponential Moving Average: A sharp upswing in daily <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMAs</a>(20, 50, 100, and 200) indicates the buying activity is aggressive among traders.</li> 
 <li aria-level="1">Average Directional Index: The daily ADA slope rising 23% suggests the buyers have sufficient momentum to lead a higher rally.</li> 
</ul> 
The post <a href="https://coingape.com/markets/bonk-price-breaks-2-month-consolidation-rally-whats-next/">Bonk Price Breaks 2-Month Consolidation Amid Market Rally, What’s Next?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Bonk Price Breaks 2-Month Consolidation Amid Market Rally, What’s Next?

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