What you need to know:
- BONK is showing signs of a reversal with rising buying pressure after forming a descending channel pattern.
- BONK is near the upper Bollinger Band, indicating a possible upward shift in momentum.
- Surpassing the resistance levels could push BONK towards higher targets of $0.0000260 and $0.0000390.
Bonk (BONK) is showing signs of accumulating at support levels, indicating that selling pressure is weakening and buyers may regain control. The technical indicators also point to a potential shift in momentum as price approaches the upper limit of the Bollinger Bands
At the time of writing, BONK is trading at $0.000008017, supported by a 24-hour trading volume of $61.83 million and a market cap of $664.76 million. The price is up 1.63% in the last 24 hours, but has been showing signs of stability over the past week.
Source: CoinMarketCap
Also Read: Bonk (BONK) Price Prediction: Is There A Rally Towards $0.00001250 On The Horizon?
Technical indicators indicate a shift in momentum
From a technical perspective, the chart illustrates BONK’s price action with the SMA and Bollinger Bands. BONK’s current price action is at the top of these bands. It usually indicates an upward shift or change in market trends. This shows that the price generally remains within these limits.
Source: Trading view
A breakout is now expected for the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD). The RSI is 51.25. It is in a neutral market. The MACD is close to zero, indicating that market momentum is low. However, there is slightly bullish momentum in the MACD histogram, indicated by green bars above zero.
BONK Eyes $0.0000390 after breakout from descending channel
Moreover, the crypto analyst Jonathan Carter marked that a descending channel has recently occurred on the 2D chart for BONK, a pattern that generally indicates a bearish trend. However, the price movement appears to be undergoing an accumulation process at support levels, implying a change in trend due to a lack of selling momentum.
The price targets to focus on for a possible turnaround for BONK are $0.0000130 and $0.0000197. These are key resistance areas, which could lead to a breakout if prices manage to exit the downward channel. A successful breakout could mark the start of a bullish journey for BONK.
Source: Jonathan Carter
If BONK breaks past these levels with strong momentum, it could target even higher levels such as $0.0000260 and $0.0000390. These levels are important and could be an indication that momentum will continue. But if it fails, there is still the risk of further downfall. Investors are keeping a close eye on whether BONK will maintain support.
Also Read: BONK Price Under Pressure as Sellers Defend Resistance at $0.000001025
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