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- 1 BONK token has reverted gains from the strong support zone of $0.00001400.
- 2 Technical indicators have suggested a bullish trend ahead.
The Bonk token (BONK) replicated a trend reversal, and buyers have retained their strength. The token has picked momentum and jumped above the 20-day EMA mark sharply.
The token was under seller control for the past weeks and has persisted in delivering the lower low swings. Recently, the token retested the neckline support around $0.00001350 and rebounded.
Afterward, buyer accumulation and sharp bounce breached the downward-sloping trendline and surpassed the 100-day EMA mark. This week, the Bonk token showcased an incremental move of over 70% and is directing bullishness.
At press time, the Bonk token (BONK) price traded at $0.00002485 with an intraday drop of 15.22%, reflecting buyer accumulation on the charts. It has a monthly return ratio of -3.20% and 27.90% yearly.
The pair of BONK/BTC is at 0.000163 BTC, and the market cap is $1.31 billion. Analysts are neutral and suggest that the Bonk crypto may stretch the rebound and outperform in the upcoming sessions.
Can Bonk Token Succeed To Overtake $0.00003000 Mark?
This week, the Bonk token has regained strength and picked momentum, sustaining gains beyond the key moving averages. The sellers looked trapped and stayed on the back foot.
Following the price rebound, the trading volume significantly increased, replicating investor interest. The intraday trading volume spiked over 34.67% to $455.35 million.
What Does Price Action Indicate On Daily Charts?
A neat, clean reversal was spotted on the daily charts, and the token has retained the bullish trajectory. Moreover, the sellers have trapped and covered their positions.
This week, the token has retrieved its gains and surpassed the 20-day and 50-day EMA mark, and a bullish crossover was noted.
Source: TradingView
Apart from the notable rebound, the token is on the verge of crossing its prompt neckline hurdle of $0.00003000. If the buyers succeed in breaching the neckline, a sharp bull rally can be seen ahead
Per the Fib levels, the Bonk token price trades above the 38.2% support zone and is close to the 50% level.
The total supply of BONK crypto is 99.99 trillion, whereas the volume-to-market cap ratio is 0.440, ranked 86 in the global crypto market cap.
Summary
The Bonk token (BONK) price recouped gains and decisively retained the bullish trajectory, directing bull accumulation. Moreover, the token is ready to stretch the buying momentum and will skyrocket in the next sessions.
Technical Levels
Support Levels: $0.00002300 and $0.00002200
Resistance Levels: $0.00002600 and $0.00002750
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.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
