Today, BONK shows a strong upward trend with a 14.8% increase. Analysts point to the Elliott Wave model and potential breakouts as positive indicators for further price growth.
Technical Analysis of BONK's Price
Currently, BONK is trading at $0.00002203, indicating a new bullish trend. This meme coin is above the 20-day Simple Moving Average (SMA), suggesting a short-term upward movement. If this trend continues, the SMA will act as support to sustain BONK's growth momentum.
The upper Bollinger Band at $0.00002494 represents the first resistance level. Breaking through this level would signal further upward momentum and could attract additional investors.
Increased Volatility According to Bollinger Bands
At $0.00002203, BONK is approaching the upper Bollinger Band, which could act as resistance if it fails to break above $0.00002494. If the price falls back, the middle Bollinger Band at $0.0002125 may provide a key level of support.
The lower Bollinger Band at $0.00001756 offers stronger support in case of a more significant pullback. These bands suggest that while the current trend is upward, traders should watch for key breakouts and consolidation levels.
RSI Indicates Moderate Bullish Momentum
The Relative Strength Index (RSI) stands at 54.86, indicating mild buying pressure without reaching overbought territory (above 70). This RSI level leaves room for further upward movement with no signs of a short-term reversal. If the RSI continues toward 60 or higher, it could be a very positive signal for BONK bulls.
BONK Price: Possible Start of a Bullish Wave
Analyst ManofBitcoin suggests that BONK could be in the early stage of a bullish Elliott Wave, with a potential bottom at Wave 2.
A move above $0.0000262 could indicate a shift into Wave 3, which is crucial for further growth. A breakout above this level could lead to increased buying pressure.
The target level for Wave 3 is set at $0.0000899, based on the 1.618 Fibonacci extension according to the Elliott Wave theory.
Market Status and Analysts' Views
BONK recently saw a 15% drop to $0.0000174, followed by a 32.2% recovery, which may signal growing buying pressure.
Analysts believe that a daily close above $0.0000227 could confirm a breakout from the current bearish structure in BONK and signal a trend reversal. Some experts think that Bitcoin's continued rally could positively impact BONK as well, supporting a more optimistic outlook for the entire crypto market.
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