Bonk joined the latest market recovery and exploded massively in the last 24 hours. This triggered a slight trend shift and is now looking bullish. It currently sits at resistance, negotiating the next major leg up.
After reestablishing support above $0.0000089 three weeks ago, Bonk recovered for a week and encountered resistance at $0.000014. Pulling back from this level, it entered a brief consolidation phase last week and remained indecisive for the rest of the week.
This led the meme coin into a calm weekly start on Monday, but it later initiated a surge yesterday and closed on a strong note. Yesterday’s trade was characterised by an engulfing candle, showing a high amount of volume inflow. This candle pattern indicates a potential bullish move.
It currently sits at a resistance, negotiating the next major. If this pattern comes into play, we can expect a major upward movement. This should bring a retest at the $0.00003 level that flipped during January’s sell-off. Failure to overcome this level significantly could bring the bears back.
Now that the bearish sentiment has faded, we can anticipate more gains in the coming days. A full recovery to the previous yearly high could confirm a reversal, setting a new bullish tone in the market.
BONK’s Key Level To Watch
On the way up, the $0.0000197 level is the next line of resistance to watch, followed by the $0.0000244 level. Overcoming these resistance levels could send the price to $0.000031 and potentially $0.00004.
In case of a pullback, the recently flipped $0.000014 level is marked as support for a retest. The latest surge is supported by a week support level of $0.0000114. If the price drops below it, $0.0000089 would be the next level to watch before breaking down.
Key Resistance Levels: $0.0000197, $0.0000244, $0.000031
Key Support Levels: $0.000014, $0.0000114, $0.0000089
- Spot Price: $0.0000158
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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