TLDR
- BONK is trading in an ascending channel pattern and holding above its 200-day moving average support
- The price rebounded 3.65% in 24 hours after a 10% pullback over seven days, currently at $0.000020
- Technical indicators show buying pressure with Money Flow Index at 66.79 and Chaikin Money Flow above zero
- Bulls target a breakout above $0.000024 resistance, potentially reaching $0.000033 for 77% gains
- Key support levels to watch are $0.000018-$0.000020, with breakdown below signaling bearish shift
Bonk has shown resilience after recent price weakness, with technical patterns suggesting the Solana-based memecoin could be preparing for another leg higher.
The token trades at $0.000020 after gaining 3.65% in the past 24 hours. This recovery follows a 10% decline over the previous seven days.
BONK has maintained its position within an ascending channel on daily charts. This bullish pattern features two upward-sloping parallel trendlines that contain price movement.
The upper trendline acts as resistance while the lower boundary provides support. Price action has respected these levels throughout the recent uptrend.
The 200-day exponential moving average serves as crucial support around current levels. This long-term indicator previously acted as resistance in April before converting to support in May.
Bulls have maintained control by keeping price above both short and long-term moving averages. The 50-day and 100-day moving averages also provide additional support layers.
Technical Indicators Signal Buying Interest
The Money Flow Index has climbed to 66.79, indicating strong capital inflows. This momentum oscillator measures the flow of money in and out of the cryptocurrency.
Rising MFI readings typically coincide with increased buying pressure. The current level suggests accumulation is taking place despite recent price volatility.
Chaikin Money Flow has moved above the zero line on shorter timeframes. This indicator measures accumulation and distribution patterns in the market.
The Relative Strength Index has held above the midpoint since April. This suggests demand has remained above average throughout the recent rally phase.
Price Targets and Key Levels
Immediate resistance sits at $0.000024, representing the recent local high. A break above this level could open the door to higher targets.
The next resistance zone lies at $0.000028, which aligns with the 0.50 Fibonacci retracement level. This technical level often acts as a barrier during trending moves.
Bulls are eyeing the $0.000033-$0.000035 range as the ultimate target. Reaching $0.000035 would represent a 77% gain from current prices.
Support levels remain critical for maintaining the bullish structure. The $0.000018-$0.000020 zone contains multiple technical confluences.
This support area aligns with the 200-day moving average and the lower boundary of the ascending channel. It also coincides with areas of high liquidity concentration.
Open interest in BONK futures has increased from $8.5 million to over $12 million. This rise in speculative positioning suggests growing trader interest in the memecoin.
The derivatives market activity could provide additional momentum if price breaks key resistance levels. However, it also increases volatility risk.
Spot market demand has recovered gradually since mid-May, though the pace remains measured. Cumulative volume delta shows steady but not explosive buying activity.
A decisive break below $0.000018 would invalidate the current bullish outlook and potentially trigger further selling pressure.
Stay Ahead of the Market with Benzinga Pro!
Want to trade like a pro? Benzinga Pro gives you the edge you need in today's fast-paced markets. Get real-time news, exclusive insights, and powerful tools trusted by professional traders:
- Breaking market-moving stories before they hit mainstream media
- Live audio squawk for hands-free market updates
- Advanced stock scanner to spot promising trades
- Expert trade ideas and on-demand support
