Today, Bonk’s price is down 4%, contributing to the average loss of 3.04% among meme coins. However, technical indicators are signaling potential bullish momentum and a possible breakout for Bonk.
Bonk’s price has fallen by 10.7% since last Thursday, failing to show growth compared to other major altcoins during this period. Despite this, trader interest in Bonk has increased in recent days. In the past 24 hours, the meme coin’s trading volume increased by 29.45% to $153 million.
Bulls Are Trying to Push the Price Higher
BONK’s Moving Average Convergence/Divergence (MACD) indicator is signaling an increasing bullish trend for the cryptocurrency. The MACD line (blue) is approaching the signal line (orange), suggesting that a bearish reversal is possible.
At the same time, the Parabolic Stop and Retracement (SAR) indicator has been below the BONK price since August 8, highlighting the continuation of the uptrend. The SAR indicator remaining below the price provides support for the rise and indicates a potential increase.
Bulls Face Tough Obstacles
BONK’s MACD and SAR indicators are giving bullish signals, but a detailed chart analysis reveals some obstacles. BONK price seems to be consolidating around both the 50-day (pink) and 20-day (yellow) moving averages. These moving averages provide uncertain price direction without creating clear support or resistance.
Over the last nine days, BONK has been trading in a narrow price range, between $0.0001880 and $0.00002175. Current momentum indicators suggest that demand may not be sufficient to spark a rally. Notably, the Relative Strength Index (RSI) (purple) has remained at 40 and is below the neutral line, indicating a bearish trend. While the asset is not oversold, weak buying pressure suggests that investors are cautious and could prevent BONK from rising in the short term.
Additionally, BONK’s Chaikin Money Flow (CMF) indicator remains in negative territory at -0.2, a factor that complicates ongoing selling pressure and a possible price increase.
Traders should watch for support above the lower bound of the consolidation. If BONK can hold this level, the 200-day moving average (DMA) (blue) could become a key resistance point as a confirmation of a breakout from the upper bound of the consolidation. This could increase the chances of the price rallying towards the $0.000025 target.
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