The rise in BONK can be attributed to several factors:
1. The Token Burn Proposal is an important catalyst, seeing the community burn 280 billion BONK tokens, which is seen as a good step to stabilize the coin's market and spur growth!
2. Technical Indicator :
- Pivot : BONK is trading at the pivot point, a key level used to identify market trends and potential turning points
- Resistance Levels : BONK is facing immediate resistance at $0.000025, $0.000027 and $0.000029. These are the levels where selling pressure increases...
- Support Levels : Initial support at $0.000018, stronger support zones at $0.000015 and $0.000013
- Relative Strength Index (RSI) : RSI for BONK stands at 78-80 indicating strong buying interest with potential overbought conditions
- (EMA) supports an overall bullish trend in the long term.
3. Market Sentiment :
-Positive Funding Ratio : Indicates that traders are taking long positions in the futures market, reflecting bullish expectations
- MACD : Indicates a price increase with a potential bullish crossover.
Please don't forget to do your own research.
