#BONK
BONK Price Poised for Surge Ahead of Key Resistanceđđ
The Bonk price has shown an aggressive correction trend since late July, displaying a V-top reversal in the daily chart. The bearish reversal plunged the asset from $0.0000339 to $0.00001785, according to a 47.2% loss.
However, selling pressure recently eased for this Solana meme coin as the buyer gained suitable support from the channel patternâs lower trendline (blue). Since February 2024, this chart pattern has led to a steady recovery trend within two parallel trendlines.
The BONK price was $0.000019, boosting its market cap to $1.372 Billion. While the near-term trend in the crypto market is sideways, this meme cryptocurrency could continue to hover above the ascending trendline to recuperate bullish momentum.
The consolidation, the BONK coin has seen a notable upswing in Open Interest since last week. Data shows that Open Interest climbed from $5.7 million to $6.5 million, an increase of approximately 14%.
This upswing in OI indicates growing market confidence and potential bullish momentum as traders increase their positions, suggesting that this asset could be gearing up for a significant price movement shortly.
The MACD (blue) and signal (orange) line nearing a bullish crossover could accelerate the bullish momentum for the higher rally.
Thus, a potential rebound could drive the coin price by 30% to challenge a downsloping trendline at $0.000024.
The overhead trendline drives the current correction trend in the BONK price. In addition, the price trading below the daily Exponential moving average (20, 50, 100, and 200) hints at the path to least resistance of down.
Therefore, a possible breakdown below strengthens the sellerâs grip and pushes the altcoin 38% to seek support at $0.000012.
FOLLOW uS
X / Trend / IG
Like
Share
comment
Repost
