Bonk Breaks Above Major Resistance and May Rise to $0.0000128480BYBIT:BONKUSDT broke above a medium-term negative trend line over the past 48 hours. This gave it the room needed to continue climbing. Buyer’s realized this and started purchasing into the meme coin, which led to BONK breaking above the $0.0000128480 resistance level recently.
The break above this significant price point has also cleared a path for the Bonk price to potentially rise to as high as $0.0000192765 in the short term. Continued buy pressure may even lead to the crypto rising to as high as $0.0000290295 in the upcoming days.
This bullish thesis could be invalidated if the Bonk price fails to establish a position above the $0.0000128480 barrier within the next 24 hours. In this alternative scenario, BONK may re-enter the consolidation zone between $0.0000088550 and $0.0000128480. Continued sell pressure could then put the altcoin at risk of retesting the $0.0000088550 support before possibly dropping to as low as $0.0000051340.
Bulls Show No Signs of Slowing Down
Technical indicators on BONK’s 4-hour chart suggest the meme coin’s value may continue to rise in the next 48 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators are flagging bullish.
The MACD line is breaking away above the MACD Signal line. Traders generally see this as an indication that a crypto’s positive trend is intensifying. In addition to this, the RSI is breaking away above its Simple Moving Average (SMA) line, which could signal that buyers are currently stronger than sellers. However, the RSI on Bonk’s 4-hour chart warns that the meme coin is in overbought territory. This may soon be identified as a sell signal by traders.
