After a quick pullback, BONK is displaying indicators of renewed power as bullish momentum begins to construct. The current worth motion signifies that bulls have regained management, pushing the token out of its current droop.
Because the market shifts, traders are actually eyeing a possible upside breakout, with BONK’s subsequent targets turning into more and more clear. Might this be the start of a recent rally, or will the bears try to reclaim their dominance as soon as once more?
On this article, we’ll present an in-depth evaluation of BONK’s current worth motion following its pullback and discover the renewed bullish power that has emerged. By inspecting key technical indicators, we’ll assess whether or not this shift in momentum alerts the potential for additional upside and a breakout, or if the token is more likely to face resistance within the close to time period.
Technical Indicators: Indicators Of Bullish Momentum Constructing
Not too long ago, BONK’s worth has turned bullish on the 4-hour chart, rebounding and transferring above the $0.00001792 resistance degree. The meme coin is buying and selling above the 100-day Easy Shifting Common (SMA) and is demonstrating sturdy momentum, with a present deal with transferring towards the $0.00002962 degree.
An evaluation of the 4-hour Relative Power Index (RSI) signifies that bulls could also be poised to make a comeback. Though the RSI has decreased to 59% from the overbought zone, it stays above the 50% threshold, suggesting that bullish momentum continues to be current. This positioning signifies that whereas there was some cooling off, the market retains the potential for upward motion so long as the RSI stays above this key degree.
Associated Studying
Additionally, on the day by day chart, BONK is displaying constructive momentum, evidenced by a rejection wick on the current day by day candlestick. Regardless of being beneath the 100-day SMA, this rejection wick exhibits that consumers are stepping in and pushing the worth greater, inflicting the promoting strain to decrease.
Lastly, on the 1-day chart, a detailed have a look at the 1-day RSI formation means that BONK could totally resume its upward motion because the indicator’s sign line has climbed above the 50% threshold and is presently positioned at 53%.
Potential Upside Targets: The place Might BONK Be Headed Subsequent?
As BONK demonstrates renewed bullish power, key resistance ranges to look at embody the $0.00002320 mark, the place earlier worth motion has encountered obstacles. If BONK can break by means of this degree, it may pave the way in which for additional gains, doubtlessly reaching the next target of round $0.00002962 and past.
Associated Studying
Conversely, if BONK faces vital resistance at $0.00002320, the worth could consolidate or try to check the $0.00001792 assist degree. A break beneath this vary accompanied by sturdy quantity may sign a continuation of the downward pattern, presumably concentrating on the assist degree at $0.00000942.
BONK was buying and selling at about $0.00001803, displaying a 2.33% decline during the last 24 hours. The cryptocurrency’s market capitalization stood at roughly $1.2 billion, whereas buying and selling quantity exceeded $128 million, marking decreases of two.32% and 23.11%, respectively.
Featured picture from LinkedIn, chart from Tradingview.com
