BONK had been stuck in a tight price range for two weeks, fluctuating between $0.00002 and $0.000026 from 15th March to 27th March. However, the scenario shifted significantly on 28th March when BONK made a noteworthy break from this confinement by experiencing a 9% surge over a four-hour period. Within the subsequent 12 hours, the cryptocurrency retraced back to test the newfound underpinning level, and an influx of purchasing activity served as a formidable foundation, hinting at the potential for a substantial ascent to the price bracket of $0.00004 to $0.000045. Investors may even reap gains of up to 50% if this upward momentum persists.

A Steadily Growing Investor Enthusiasm

Taking a glance at the BONK/USDT pair on the four-hour TradingView chart unveils a Relative Strength Index (RSI) firmly dwelling in bullish territory, clocking in at a robust 61 after briefly grazing the neutral 50-mark while validating the freshly established support level. Such a positioning underscores the prevailing optimistic trajectory on both lower and higher timeframes. Additionally, the Bollinger Bands have exhibited a rupturing upwards following a phase of consolidation, with the red line embodying a dynamic prop for prospective buyers.

An Attractive Proposition for Potential Buyers

Given the backdrop of price dynamics and technical indicators, traders eyeing long positions on BONK might find the prevailing market rate of $0.000028 to be an opportune entry point. This warrants a low-risk buying prospect, compounded by the protective shield of support levels residing at $0.000026 and $0.00002, respectively. An amalgamation of these elements elevates the possibilities for lucrative outcomes.

Escalating Interest in Derivatives Market

Recently published data from Coinalyze disclosed a notable 10.73% uptick in BONK's Open Interest over the preceding 24 hours. This solid surge implied a surge among futures traders in initiating long positions, speculating on BONK staging a potent bullish advance. When juxtaposed with the concurrent spot market data, it intensifies the optimistic projections for BONK's short-term trajectory.