Bonk (BONK) rallied on Wednesday, trading around $0.0000037, as improving macroeconomic conditions lifted sentiment across the cryptocurrency market. The meme coin benefited from a broader rally after the latest US Consumer Price Index (CPI) report showed inflation slowed more than expected, increasing optimism that the Federal Reserve could adopt a more accommodative monetary policy.
According to the US Bureau of Labor Statistics, the Consumer Price Index declined by 0.4% month-over-month in June, the sharpest monthly drop since April 2020. Annual headline inflation slowed to 3.5%, down from 4.2% in May, while core inflation remained at 2.6% annually. The softer data boosted risk appetite, pushing memecoins including Dogecoin, Shiba Inu, PEPE, and BONK into the green.
Derivatives data from CoinGlass showed BONK perpetual futures open interest rose 5% in 24 hours to $6.28 million, signaling increased speculative demand.
Technically, the BONK/USD 4-hour chart remains bearish but is showing improvement. A bullish MACD crossover and an RSI of 37 suggest the token is exiting oversold territory. A decisive close above the $0.0000040 resistance is needed to improve the outlook, with next hurdles at the 50-day EMA ($0.0000041), 100-period EMA ($0.0000042), and 200-period EMA ($0.0000044). Failure to hold immediate support at $0.0000036 could lead to a decline toward $0.0000033.
