BONK Price Analysis: Is Recovery Bounce Fading?

BONK has been consolidating at a major support level for a while, preparing for a breakout.

This week, BONK pricing tried to rebound, but traders stealthily bought a competing meme currency after the $0.000017+ rise collapsed.

We examine BONK's recent price behavior to see whether this meme currency might lead 2024's largest gains.


On the longer time frame (LTF), BONK has been consolidating near a critical support level for a while, building expectation for a breakout as liquidity and trade volume rise.

BONK Price Analysis: Is Recovery Bounce Fading? Any Better Trades?

BONK is now trading at $0.000016, down 4.17% in 24 hours.

A persistent rally from bedrock support at the lower trendline saw the BONK price rise +17% before the weekend.


However, overhead resistance from the 20DMA looks to be inhibiting upward advances, hence the present downtick.


As Bollinger Bands broaden, consolidation may occur. The sturdy support level at $0.000015 should limit downside risk.

The RSI is oversold, but positive divergence suggests the market may not be done. A retest of 20-day moving average resistance is possible.

In conclusion, BONK, like the cryptocurrency market, is waiting for positive momentum to return to Bitcoin and Solana.

Opportunities exist, as seen by the stealthy buildup of this potential new meme currency.

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