BONK Aims For the $0.00010 Mark Amidst Increased Whale Activity And Over 50% ADX

Bonk (BONK) has emerged as a major gainer in the crypto market following a phenomenal surge, which resulted in reaching a market capitalisation of $4.17 billion. Over the last one week, Bonk has seen 71% growth in its value, going beyond a critical resistance level at $0.000050.

This caused the meme coin to rise up to the top 30 cryptocurrencies as the bullish trend continued.

A technical analysis of the daily BONK price chart shows a breakout rally with the token forming a Morning Star pattern at a key support line. This caused the Bonk token to rally 221% in the last 2 weeks.

The meme coin started at the $0.00001717 trading point and gradually rose to $0.00005525, marking a 5.89% gain. Bonk is moving towards forming a second consecutive bullish candle while the crypto market remains passive.

In the last 16 days, the meme coin has rallied with three red candles and reached a new all-time high of $0.000060. The bullish upward movement has already crossed the 1.272 Fibonacci level and is headed for the 1.618 level at $0.000062 trading point.

The positive alignment of the 200-day, 100-day and 50-day exponential moving averages (EMAs) vindicates the bullish trend. Moreover, the ADX line going past the 50% threshold accounts for a strong uptrend as this line measures the strength of such trends.

At present, Bonk has an ADX of 51.14%, higher than earlier peaks of 42.51%. This meme coin’s ADX has risen to more than 90% in the past which shows that it has potential for growth.

The bullish trend of Bonk is further vindicated by the rise in crypto whale activity. A crypto whale who had previously made huge profits on Popcat is now concentrating on gathering BONK. Earlier, this crypto whale made $4.84 million in profits from holding PopCat. In the last two days, this investor has bought $3.4 million USDC to gather 65.4 billion BONK tokens.

Data Nerd revealed that a crypto whale withdrew a total of 69.3 billion BONK worth 3.7 million USD from Binance. The whale transferred these tokens to a wallet named "3sdonZ" earlier today. This particular crypto wallet has received 61.095 billion BONK worth 34.13 million USD in the last 30 days.

This shows the growing investors' interest in Bonk which is likely to surge in the wake of the whale activity. All these factors including the bullish run in the broader crypto market will make BONK hit the 2.272 Fibonacci level at $0.000080 trading point.

The meme coin can further surge to the $0.00010 resistance level if the momentum continues. However, in case it fails to cross the barrier, Bonk can find support at the $0.000050 mark.

At the time of writing on November 20, BONK was trading at $0.00005346, down 2.13% in the last 24 hours with a market cap of $4.01 billion while its trading volume has risen to $3.02 billion, an 89.49% surge.