The meme coin market is showing signs of recovery after two brutal weeks, with Bonk (BONK) rising over 9% in the past 24 hours.

Several other major meme coins, like Dogecoin (DOGE) and Shiba Inu (SHIB), have also rebounded as the overall crypto market shows signs of life.

As interest returns to the meme coin sector, another new project being backed for growth is Meme Kombat (MK), which is in the midst of a highly successful presale phase.

BONK Price Bounces Back as Buyers Eye Further Gains

BONK is now hovering around the $0.000011 level, having erased most of the losses sustained on Monday.

The token has rejected $0.000010 as support – a level previously tested on January 8.

Following the last test of this level, the BONK price surged 92% in the days that followed, suggesting that there’s likely to be a large volume of buy orders in the area.

However, for BONK to mirror those gains, the token must break back above the 50-day exponential moving average, currently around $0.000012.

This is a distinct possibility, given that spot trading volumes are up 9% in the past day – making BONK the 50th most-traded cryptocurrency globally.

Crypto analysts are also turning bullish on BONK again, with trader Ty Digital setting a near-term price target of $0.000018.

Whether BONK can hit this zone in the days ahead remains to be seen, but momentum is clearly on the side of the bulls.

Top Meme Coins Rally as Buying Momentum Returns

It’s not just Bonk seeing a revival – the wider meme coin sector is bouncing back after a difficult period.

Major players like DOGE and SHIB have erased some of the losses sustained in previous weeks, gaining over 3% each in the past day.

Lower cap coins like Floki (FLOKI) and Memecoin (MEME) have also risen as hype returns to the meme coin space.

However, the biggest gainer over the past day is dogwifhat (WIF), which has surged 37% to hit $0.3224.

The price pumps of these tokens have helped the meme coin market’s value