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
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
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
