Bonk [BONK] was consolidating within a tight range, on the verge of a breakout at press time. The price has been following a symmetrical triangle pattern, a signal that typically suggests an imminent move.
Analyst World of Charts predicted that if a breakout occurs, it could lead to a bullish wave in the coming weeks. Notably, BONK was approaching the apex of the triangle, indicating that the breakout may happen soon.
World of Charts also highlighted the potential for a breakout based on the symmetrical triangle pattern. This chart formation often leads to price movements, as the consolidation occurs before decisive moves in either direction.
Looking at BONK on the 4-hour chart, the price was holding above the key support level of $0.00002107 at press time.
The 50-period and 100-period EMAs were acting as dynamic supports, but the price has recently tested the 50 EMA, suggesting the possibility of further consolidation.
Should the price break below the 100 EMA at $0.00002108, it could signal downside pressure in the short term.
The Relative Strength Index (RSI) was hovering around 44.95, showing that BONK was approaching oversold conditions.
A recovery in the RSI above 50 could indicate renewed buying pressure, though the current downward trend suggested that the price may continue consolidating.
Additionally, the Moving Average Convergence Divergence (MACD) on the 4-hour chart showed a bearish crossover, reinforcing the potential for a bearish trend unless the price can regain momentum.
As of press time, Bonkâs price was $0.00002124, after a decline of 6.31% in the last 24 hours and 15.59% in the past seven days. With a circulating supply of 69 trillion tokens, $BONKâs market cap was $1.47 billion.#BinanceTurns7 #WeAreAllSatoshi #btc70k #BONK/USDT $BTC $ETH $BNB
