#BONK Price Analysis
In the daily chart, the BONK price action reveals a triangle breakout rally gaining momentum. The breakout rally challenges the 100% Fibonacci level as it faces higher price rejection from $0.00004109.
With an intraday gain of 2.29%, it marks the 6th consecutive bullish candle in the making.
The bull cycle accounts for a price surge of 75% in the last 5-6 days. Furthermore, in tracing back to the ongoing bull cycle’s inception, it started with the morning star pattern near the support trend line.
Since then, the meme coin has increased by 124% in 10 days from the bottom of $0.00001580. As the uptrend challenges a crucial psychological mark of $0.000040 in attempts for a new 52-week high, the upside chances are significantly increasing.
Amid the surge in buying pressure, the 50-day and 200-day SMA lines are on the verge of a bullish crossover. The MACD and signal lines have gained a massive bullish gap due to the surge of positive histograms. Hence, the technical indicators maintain a buy position for BONK.
