BONK Consolidates, Will It Skyrocket to New Heights Soon?BYBIT:BONKUSDT attempted to break out above a medium-term positive price channel that formed on its daily chart over the past four weeks. This attempt led to the meme coin’s price getting rejected by the upper barrier of the price channel. Since then, BONK has entered into a temporary consolidation phase.
There was some sell pressure being applied to the crypto’s price, as evident by the wick above today’s daily candle. Should this potential bearish pressure bring BONK’s price down, the cryptocurrency may retrace to the $0.0000149068 support level.
This is a significant level as it is also confluent with the lower barrier of the positive price channel. Therefore, a break below this mark may lead to BONK correcting down to the $0.0000089940 support level. In an extremely bearish scenario, BONK could fall to $0.0000046040 in the next 2 weeks.
This bearish thesis may not materialize if BONK rebounds off of the $0.0000149068 support level. In this alternative scenario, the meme coin’s price may enter into a strong move to the upside, which could see it launch to above the $0.0000346810 threshold in the following few days.
Both the MACD and RSI indicators are currently flagging bearish. This may lead to BONK pulling back to the immediate support level at $0.0000149068. Despite the potential for a correction, BONK could still skyrocket as long as it stays in the aforementioned price channel.
