In a notable market shift, BONK has climbed 12% over the past 24 hours, driven by heightened investor interest following an ETF application filed by REX Shares.
On Tuesday, Rex Shares, an asset management company, submitted applications for exchange-traded funds (ETFs) featuring several meme coins, including TRUMP, DOGE, and BONK. This development has sparked renewed investment activity in BONK, resulting in a 12% increase in its value within a day.
The BONK/USD daily chart reveals that this significant rally has propelled the meme coin's price above its 20-day exponential moving average (EMA), now acting as dynamic support. The 20-day EMA is a tool that assesses an asset's average price over the last 20 days, giving more weight to recent data. A price surge above this EMA indicates bullish momentum, suggesting that buyers are gaining traction. This signals a favorable market environment and encourages continued purchasing, potentially leading to an extended upward trend.
Further supporting this positive shift is BONK's rising Relative Strength Index (RSI), which currently stands at an uptrend level of 52.57. This momentum indicator assesses an asset's overbought and oversold conditions, and the current trend underscores growing bullish momentum, affecting the asset's approach to stronger buying conditions without nearing an overbought state.
Looking ahead, if buying momentum persists, BONK could surpass its immediate resistance at $0.000033, potentially climbing another 17% to $0.000038. Conversely, should selling pressure increase, the meme coin may lose its recent gains and fall to $0.000025.
The ongoing developments around the ETF applications have positioned BONK in a promising spot for investors eyeing further upward movement.