$BONK Bonk price analysis............📈📈📈
Bonk (BONK) climbed above the moving averages on April 23, signaling that the corrective phase may be ending.
#BONK/USDT daily chart.
The bears tried to yank the price below the moving averages, but the bulls held their ground. This suggests that the bulls are trying to flip the moving averages into support. If the price bounces off the current level and breaks above $0.000030, the BONK/USDT pair will complete an inverse H&S pattern. This bullish setup has a pattern target of $0.000048.
However, the bears are likely to have other plans. They will try to sink the price below the moving averages and gain the upper hand. If they succeed, the pair may descend to $0.000019 and then to $0.000015.
BONK/USDT 4-hour chart.
The 4-hour chart shows that the bulls are facing stiff resistance at $0.000030. The bears are trying to strengthen their position by pulling the price below the moving averages. If they manage to do that, the pair will complete a H&S pattern and drop toward $0.000019.
On the other hand, if the price turns up from the current level or the 50-day SMA, it will indicate that the bulls continue to buy on dips. A break and close above $0.000030 will be the first sign of strength. The pair may then jump to $0.000036.
