After a short pullback, BONK is exhibiting indicators of renewed energy as bullish momentum begins to construct. The current worth motion signifies that bulls have regained management, pushing the token out of its current hunch.
As the market shifts, traders at the moment are eyeing a possible upside breakout, with BONK’s subsequent targets changing into more and more clear. Could this be the start of a contemporary rally, or will the bears try and reclaim their dominance as soon as once more?
In this text, we’ll present an in-depth evaluation of BONK’s current worth motion following its pullback and discover the renewed bullish energy that has emerged. By inspecting key technical indicators, we’ll assess whether or not this shift in momentum indicators the potential for additional upside and a breakout, or if the token is more likely to face resistance within the close to time period.
Technical Indicators: Signs Of Bullish Momentum Building
Recently, BONK’s worth has turned bullish on the 4-hour chart, rebounding and shifting above the $0.00001792 resistance stage. The meme coin is buying and selling above the 100-day Simple Moving Average (SMA) and is demonstrating robust momentum, with a present deal with shifting towards the $0.00002962 stage.
An evaluation of the 4-hour Relative Strength Index (RSI) signifies that bulls could also be poised to make a comeback. Although the RSI has decreased to 59% from the overbought zone, it stays above the 50% threshold, suggesting that bullish momentum continues to be current. This positioning signifies that whereas there was some cooling off, the market retains the potential for upward motion so long as the RSI stays above this key stage.
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Also, on the day by day chart, BONK is displaying optimistic momentum, evidenced by a rejection wick on the current day by day candlestick. Despite being under the 100-day SMA, this rejection wick reveals that patrons are stepping in and pushing the worth larger, inflicting the promoting strain to decrease.
Finally, on the 1-day chart, an in depth have a look at the 1-day RSI formation means that BONK might absolutely resume its upward motion because the indicator’s sign line has climbed above the 50% threshold and is at present positioned at 53%.
Potential Upside Targets: Where Could BONK Be Headed Next?
As BONK demonstrates renewed bullish energy, key resistance ranges to observe embody the $0.00002320 mark, the place earlier worth motion has encountered obstacles. If BONK can break by means of this stage, it might pave the best way for additional gains, doubtlessly reaching the next target of round $0.00002962 and past.
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Conversely, if BONK faces important resistance at $0.00002320, the worth might consolidate or try to check the $0.00001792 assist stage. A break under this vary accompanied by robust quantity might sign a continuation of the downward pattern, presumably focusing on the assist stage at $0.00000942.
BONK was buying and selling at about $0.00001803, exhibiting a 2.33% decline over the past 24 hours. The cryptocurrency’s market capitalization stood at roughly $1.2 billion, whereas buying and selling quantity exceeded $128 million, marking decreases of two.32% and 23.11%, respectively.
Featured picture from LinkedIn, chart from Tradingview.com
