BONK Bulls Take Over: Pullback Creates Upside Momentum
After a minor retreat BONK is exhibiting indications of regained vigor and positive momentum. Price behavior suggests bulls have regained control lifting the token from its slide.
BONK's next objectives are becoming clearer as traders look for an upward breakthrough. Could this start a rally or will the bears try to retake control?
This article will analyze BONK's recent price behavior after its dip and examine its restored bullish vigor. We'll use major technical indicators to determine whether this momentum change indicates a breakout or near-term resistance for the coin.
BONK's 4-hour chart has turned bullish, rising above $0.00001792 resistance. The meme currency is trading above the 100-day Simple Moving Average (SMA) and momentum is pushing it toward $0.00002962.
According to the 4-hour RSI, bulls may be about to recover. The RSI has dropped to 59% from the overbought zone, but it remains over 50%, indicating positive momentum. As long as the RSI continues above this level, the market may rise despite a cooling down.
The current daily candlestick's rejection wick shows BONK's upward momentum. Despite falling below the 100-day SMA, this rejection wick suggests buyers driving the price upward, reducing selling pressure.
Finally, the 1-day RSI pattern shows that BONK may restart its higher journey as the indicator's signal line has risen beyond the 50% mark and is now at 53%.
Potential Upside Targets: Where Will BONK Go?
Watch the $0.00002320 mark, where BONK has faced resistance before, as it shows fresh bullish vigor. Breaking this level might allow BONK to hit $0.00002962 and beyond.
BONK may consolidate or test $0.00001792 if resistance at $0.00002320 is high. If this range breaks below with sufficient volume, the bearish trend may continue below $0.00000942.
Over the last 24 hours, BONK fell 2.33% to $0.00001803. Market capitalization was $1.2 billion, and trading volume topped $128 million, down 2.32% and 23.11%.
