📊 Bonk takes a break: Can the bulls continue to dominate in the future?
Bonk (BONK), the first dog meme coin on the Solana Blockchain, stalled and held its gains comfortably above the 20-day EMA mark.
It formed a double bottom pattern around its $0.00001800 pivot and directed a remarkable recovery of over 55% this month. Buoyed by rising demand for most meme coins, BONK resisted the sell-off and maintained the bullish momentum.
Additionally, there was a round bottom pattern under construction at the time of publication. It looks like the price of this meme is about to return to blue sky territory at around $0.00004200. Once BONK price crosses the $0.00003200 mark, a sustained bullish wave may break out to its all-time high (ATH).
🔸 Bonk Meme coin price at time of publication
After a shift in sentiment across the cryptocurrency market last week, memecoins have managed to recover. It demonstrated a new recovery accompanied by an increase in volume.
A new swing high has been observed, and BONK price has decisively stopped the decline and taken a quiet break at press time.
It showed slight profit booking and paused after a notable decline of more than 25%. At the same time, the price action was still positive, and an uptrend was imminent.
Until the immediate support area of $0.00002500 is broken, the trend will remain bullish, and buyers will continue to dominate the battle.
🔸 How is Bonk (BONK) performing now?
At the time of writing BONK was trading at $0.00002846 with an intraday decline of 6.206%, reflecting profit booking in the last few hours. Trading volume decreased by more than 25% during the intraday session.
The BONK/BTC pair was at 0.000000000428 BTC, and the market cap was $1.18 million. Analysts are neutral and suggest that BONK price may soon return to the upper region of $0.00004200.
🔸 BONK price action and indicators view
In the past three months, BONK retested the $0.00004200 upper neckline area twice and only corrected 30% from its peak. Its short-term trend was positive, and buyers maintained their strength.
