Recent trading activity indicates that BONK is maintaining stability at the critical $0.00004002 support level. This stabilization comes after a period of downward pressure, raising speculations of a rebound on the horizon. With bulls showing signs of resilience, the stage is set for a comeback that could redefine BONK’s near-term trajectory. Will this level be the springboard for a recovery, or is further consolidation needed before the next move?
Support Holds Steady: Signs Of A Bullish Rebound
As market sentiment teeters between caution and optimism, determining the meme coin’s recent hold at the $0.00004002 support level is crucial in order for investors and traders to reevaluate their positions ahead of potential volatility.
Related Reading: BONK Jumps 20% As ‘Dog Season’ Starts, Analyst Says
On the 4-hour chart, BONK is exhibiting a steady upward trajectory despite trading below the 100-day Simple Moving Average (SMA). After rebounding strongly from the critical $0.00004002 support level, the asset is making strides to extend its gains, aiming toward the $0.00006247 resistance zone. A successful breach above the 100-day SMA could further validate its recovery, possibly opening the door to higher levels.
Also, the formation of the 4-hour Relative Strength Index (RSI) reveals a resurgence in buying pressure and a shift toward a more bullish market sentiment. When the RSI rises and reaches 50%, it could confirm its upside movement, giving BONK the strength to push higher and test key resistance levels.
BONK Performance On The Daily Time Frame
BONK is showing signs of a potential upward movement on the daily chart, staying above the 100-day SMA after a rebound at the $0.00004002 support level. Its maintenance above this support provides a foundation for further growth. If BONK can maintain its position above this level and continue building momentum, it could pave the way for a breakout and more upside movement.
Furthermore, the daily RSI shows signs of a rebound, maintaining a steady position above the 50% threshold. The continued trend above this level implies that the asset is in a favorable position for more gains, with the possibility of a sustained rally. Should the RSI continue to climb, it could indicate growing confidence among traders and signal positive price action for the meme coin.
Thus far, BONK is at a pivotal moment, having found stability above the $0.00004002 support level and the daily 100-day SMA. If Bonk can sustain its position above this support and build on its current momentum, a potential recovery could be underway, possibly driving the price toward the $0.00006247 resistance level and beyond. Nonetheless, failure to maintain $0.00004002 may alter the meme coin’s direction to the downside, causing it to retest lower support zones such as $0.00002962 and $0.00002320.
Credit: Source link