YEREVAN (CoinChapter.com) – Solana-based BONK Memecoin is up 35% to $0.0000166 in the previous 24 hours. Will the uptrend continue or will BONK pare its gains? Let’s take a look at the charts and the factors behind the Dec 29 uptrend.
BONK Memecoin Price Balloons – Will Gains Continue?
As mentioned, the BONK memecoin price rose 35% to $0.0000166 on Dec 29. The latest uptrend came after a steady 65% drop since achieving its all-time high of $0.000035 on Dec 15. However, the dynamic is not really clear. However, the strong trading volumes, paired with the rising price indicate a strong buying incentive among BONK bulls.
According to the latest data, the trading volumes on Dec 29 stood at $131 million. While the session is still in progress that number could further grow, validating the bullish stance. The four-hour price chart also looked bullish, as the BONK memecoin met a confluence of support on Dec 29.
One of BONK memecoin support lines was the 200-4h exponential moving average (blue wave), and the former resistance at $0.000013. However, the token still has the 50-4h EMA (orange wave) to conquer.
As of 11:00 GMT, BONK retested the said wave as resistance, but, as mentioned, if the bulls could persist further. Then, the target price for BONK would stand at the previous support of $0.000018, another 8% price increase.
Zeta Markets launched BONK-based Perp Trading
Zeta Markets is a so-called “Perp DEX.” The term refers to a decentralized exchange (DEX) offering perpetual contracts, commonly known as “perpetual swaps.” These are types of derivatives in the cryptocurrency market. Unlike standard futures contracts, perpetual contracts don’t have an expiration date.
This means traders can hold a position for as long as they want. They mimic a margin-based spot market and trade close to the underlying reference Index Price. The main purpose of perpetual contracts is to allow traders to speculate on a cryptocurrency’s future price without owning the actual cryptocurrency.
According to Zeta Market’s latest announcement roughly 24 hours ago, the exchange launched BONK trading.
According to the announcement, the trading will be active Dec 28 – 31, and users can earn “2x Z-score.”
