The price of BONK has increased by 24% as the weekly chart indicates. This recent bullish move has pushed the memecoin above the 20-day SMA, suggesting a potential short-term bullish trend.
Market analysts are paying attention to BONK as the price approaches a key resistance level at the upper Bollinger Band with expectations that the price will rise if it surpasses these thresholds.
Price action and trend analysis
The price of BONK has rebounded from a low of $0.00001766 near the lower Bollinger Band. This upward breakout has pushed the price above the 20-day SMA currently at $0.00002117.
However, the upward trend has regained momentum after the green candle began to form, indicating a bullish reversal in the market after a continuous downtrend. BONK is currently approaching the upper Bollinger Band at $0.00002468 to retest the resistance level.
Key resistance and support levels
The upper Bollinger Band at $0.00002468 is currently acting as an immediate resistance level for BONK.
Market experts believe that if the current price can break through this level, the price of BONK could soar to previous highs, thereby attracting more buyers.
If this resistance level holds, the price may enter a consolidation phase as traders await further signals regarding price volatility.
On the downside, the current support level is the 20-day SMA at $0.00002117, a level that could trigger buying pressure if the price drops back.
The next important support level is near $0.00001766 in case selling pressure increases. This structure suggests that BONK has the potential to make bullish moves.
BONK RSI and next growth potential
For the Relative Strength Index (RSI), a moderate bullish signal is observed. The RSI is currently at 55.54. A movement around the 50 mark implies that buying pressure is exceeding selling pressure and there is enough room for further upward moves before reaching the overbought zone.
The increase in RSI from oversold levels aligns with the current bullish trend. Some users on X (formerly Twitter) have shared their predictions for BONK, stating that the price could rise within the range of $0.001-$0.00015.
At that price, BONK would have a market capitalization of approximately $7.48 billion–$11.22 billion. This bullish outlook indicates confidence from community members in BONK's strong growth potential in the market.
