After a brief setback, BOMB is showing signs of renewed strength as bullish momentum begins to build. The recent price action indicates that bulls have regained control, which has pulled the token out of its recent slump.
As the market changes, Traders They are now eyeing a potential bullish breakout, and BONK’s next targets are becoming increasingly clear. Could this be the start of a new rally or will the bears try to regain their position? domain one more time?
In this article, we will take an in-depth look at BONK’s recent price action following its pullback and explore the renewed bullish strength that has emerged. By examining key technical indicators, we will assess whether this shift in momentum indicates the potential for a further surge and breakout, or whether the token is likely to face resistance in the near term.
Technical indicators: signs that bullish momentum is building
Recently, BONK price turned bullish on the 4-hour chart, bouncing and breaking above the $0.00001792 resistance level. same corner It is trading above the 100-day simple moving average (SMA) and is showing strong momentum, with a current focus on moving towards the $0.00002962 level.
An analysis of the 4-hour Relative Strength Index (RSI) indicates that the bulls may be on the verge of making a comeback. Although the RSI has declined to 59% from the overbought zone, it remains above the 50% threshold, suggesting that the bullish momentum is still present. This positioning indicates that while there has been some cooling, the market retains the potential for an upside move as long as the RSI remains above this key level.
Related reading
Furthermore, on the daily chart, BONK is showing positive momentum, evidenced by a rejection wick on the current daily candle. Despite being below the 100-day simple moving average (SMA), this rejection wick shows that buyers are stepping in and pushing the price higher, causing selling pressure to ease.
Finally, on the 1-day chart, a closer look at the 1-day RSI formation suggests that BONK may fully resume its upward move as the indicator’s signal line has risen above the 50% threshold and currently stands at 53%.
Potential Upside Targets: Where Could BONK Head Next?
As BONK demonstrates renewed bullish strength, key resistance levels to watch include the $0.00002320 mark, where previous price action has encountered hurdles. If BONK can break above this level, it could pave the way for further bullish momentum. earningspotentially reaching the next target from around $0.00002962 and up.
Related reading
Conversely, if BONK faces significant resistance at $0.00002320, the price may consolidate or attempt to test the support level at $0.00001792. A break below this range accompanied by strong volume could signal a continuation of the downtrend, possibly targeting the support level at $0.00000942.
BONK was trading at around $0.00001803, down 2.33% over the past 24 hours. market Market capitalization stood at approximately $1.2 billion, while trading volume exceeded $128 million, down 2.32% and 23.11% respectively.
Featured image from LinkedIn, chart from Tradingview.com
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.