Bonk (BONK) Coin Price Eyes 215% Rally But Lacks Bullish Cues.
Bonk Coin price has been in a downtrend since May earlier this year. The memecoin has failed to paint any significant recovery rallies. The Bonk crypto token might be waiting for the wider market to decide on a direction before either rallying or dropping.
However, BONK coin price has a bullish cue lined up in the form of a technical setup.
BONK Coin Price Forms Bullish Technicals
The BONK USD pair price has formed a bullish technical setup called the ‘falling wedge.‘
Two converging downward trendlines that connect lower highs and lower lows form the falling wedge, a bullish reversal. The narrowing structure shows that, despite the ongoing downtrend, the bearish momentum is gradually weakening, often preceding an upward breakout.
The BONKUSD pair has formed a bullish setup with a 215% upside target. Source: Tradingview
The key feature of a falling wedge is that the slope of the lower trendline is steeper than that of the upper trendline, indicating that selling pressure is dissipating. When the breakout occurs—typically upward—it signals buyers taking control.
To estimate the potential price target after a breakout, traders measure the vertical distance between the widest points of the wedge and project that range from the breakout point upwards. Increased trading volume during the breakout confirms the strength of the reversal, reinforcing market confidence and the likelihood of success.
According to technical analysis rules, the BONK USD conversion rate might rally over 215% from its current level to reach the pattern’s projected target of around $0.00005065.
EMA Resistance Proving Too Much For Token
The Bonk crypto token price is facing resistance from its 20-day EMA (red wave), which has rebuffed the BONK coin’s upside attempts since late Aug. 2024.
BONKUSD daily price chart with RSI.
Bucking the EMA’s hold on its price action could help BONK coin rally to the resistance near $0.0000175. Moreover, breaking and consolidating above its immediate resistance level might help the BONK crypto coin price target the resistance near $0.0000193 before correcting.
On the other hand, if the BONK price fails to start a rally, the BONK USD pair might drop to the support level near $0.0000153. Failure of the immediate support level might force the BONK coin price to test the support near $0.000014.
The RSI for BONK remained neutral, with a score of 40.66 on the daily charts.
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