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BONK Price Analysis: BONK Close To Breakout Zone; What’s Next?

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BONK Price Analysis: BONK Close To Breakout Zone; What's Next?
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The meme coin (BONK), the first dog-themed coin of the Solana community, launched on December 25, 2022, and was designed “for the people, by the people.” However, the coin was in a downtrend and faced selling pressure after its launch in the past weeks. The coin has made a bottom near $0.00001000 and is waiting for a reversal for the past sessions. The coin has made a double-bottom formation and is close to registering a breakout above the trendline mark of $0.00001250.

The BONK coin price is trading close to the 20-day EMA mark, which acts as a barrier during the pullback. However, the coin has bottomed out its gains and is ready for a bull ride above the neutral region. The price action signifies the trend reversal from the lows of $0.00001000 and a rebound was witnessed despite the correction. However, the rebound was due to the coin’s oversold status and investors covering their positions.

The price of the cryptocurrency was $0.00001203 at press time, with an intraday gain of 3.75%, showing a rebound. Moreover, the trading volume increased by 12.10% to $83.84 Million, highlighting the reversal. The pair of BONK/BTC was noted at 0.000000000277 BTC, while the market cap is $500.63 Million. Analysts are bearish and suggest that the coin will continue to hover below $0.00001500 in the following sessions.

BONK On Hourly Charts Reflects Range Bound Moves

BONK Price Analysis: BONK Close To Breakout Zone; What's Next?
Source: BONK Price Chart By TradingView

On the hourly charts, the coin witnessed narrow range-bound moves, is consolidating near its 20-day EMA mark, and showcases low investor interest. Moreover, the coin anticipates a move and aims to increase gains above $0.000013000 to revert the sensation.

BONK On Daily Charts Displays Double Bottom Formation

BONK Price Analysis: BONK Close To Breakout Zone; What's Next?
Source: BONK Price Chart By TradingView

On the daily charts, the BONK coin shows a double bottom formation and is close to the make-or-break zone of $0.00001250. Moreover, the price action reveals buyers’ accumulation and bulls are looking to lift the gains beyond the prompt hurdle of $0.00001250 to initiate an up move. Per the Fib levels, the coin price trades above the 23.6% zone and is trying to reach the 38.2% zone.

The RSI curve stays close to 54 near the midline and depicts a positive crossover. The MACD indicator shows a convergence of the MA line with the signal line, revealing indecisiveness between the bulls and bears.

Summary

The BONK coin showcased a bottom formation and is ready for an upmove above $0.00001300 in the following sessions. Moreover, the price action signifies the buyers’ accumulation and bulls are willing for a breakout in the coming sessions.

Technical Levels

Support Levels: $0.00001100 and $0.00001000

Resistance Levels: $0.00001270 and $0.00001380

Disclaimer

The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.

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