BONKUSDT is approaching the key $0.0000088550 support level and could rebound from this mark before entering into a bullish move if history repeats itself. This is after the meme coin entered a buy zone between $0.0000088550 and $0.0000128480 in the past week. Previously, Bonk entered into a similar setup, which led to a 3-day bullish sequence that took the altcoin’s price from a low of $0.0000093430 to a high of $0.0000179540.As the crypto drops to the $0.0000088550 support, a green candle seems to be emerging on the meme coin’s daily chart. If BONK closes today’s trading session in the green, it may enter another positive sequence in the following 48 hours. In this bullish scenario, the Bonk price may attempt to break above the medium-term negative trend line that is currently restricting its price. If it is rejected by this level, it could then pull back to retest the $0.0000088550 support again. However, a daily candle close above this trend line may open a path for BONK to rise to $0.0000192765. Continued buy pressure could then boost the Bonk price to as high as $0.0000290295 in the following week.
This bullish thesis may be invalidated if BONK breaks below the $0.0000088550 support. In this alternative scenario, the meme coin could plummet to the subsequent support level at $0.000031115 in the following few days.
Bears Have Taken Their Foot off the Pedal
Traders and investors will want to note that technical indicators on BONK’s daily chart suggest that its bearish trend has reached a turning point. The Relative Strength Index (RSI) indicator shows that buyers are attempting to reclaim their strength as the RSI closes in on its Simple Moving Average (SMA) line. In addition to this, the Moving Average Convergence Divergence (MACD) indicator shows that BONK’s negative trend’s intensity has cooled down. This is evident in the leveling off of the MACD Histogram slope.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.