BONK, the first dog-themed meme coin on the Solana Blockchain, has paused its bullish run, but analysts suggest the potential for continued dominance.
Points
- BONK sustained gains above the 20-day EMA mark and formed a double bottom pattern around $0.00001800.
- The meme coin saw a 55% recovery this month and is poised for further upward movement.
- Key support levels are identified at $0.00002500 and $0.00002000, with resistance at $0.00003000 and $0.00003300.
BONK has taken a breather after a notable bullish run, comfortably sustaining gains above the 20-day EMA mark. The dog-themed meme coin on the Solana Blockchain formed a double bottom pattern around its pivot of $0.00001800, leading to a remarkable recovery of over 55% this month. Fueled by a surge in demand for meme coins, BONK resisted the selloff and retained its bullish momentum.
Additionally, a rounding bottom pattern was in the making at press time. This meme coin’s price seemed poised to revisit the blue sky zone around $0.00004200. Once the BONK price climbs beyond the $0.00003200 mark, a sustained bullish wave might breach its all-time high （ATH） mark.
Bonk Meme Coin Price at Press Time
Following the shift in sentiment across the crypto market in the last week, the meme coin managed to recover. It articulated a fresh recovery accompanied by a volume surge.
A fresh higher high swing was spotted, and the BONK price decisively halted the pullback and took a soft breather at press time.
It displayed a slight profit booking and paused after a notable pullback of over 25%. Meanwhile, the price action was still positive, and the bullish leg was imminent.
Until the prompt support zone of $0.00002500 breaches, the trend would remain bullish, and buyers would continue to dominate the battle.
How Is Bonk （BONK） Performing Right Now?
The pair of BONK/BTC was at 0.000000000428 BTC, and the market cap was $1.18 Million. Analysts are neutral and suggest that the BONK price may soon revisit its upper region of $0.00004200.
BONK Price Action and Indicators Standpoint
In the past three months, BONK has retested its upper neckline zone of $0.00004200 twice and retraced only by 30% from its peak. Its short-term trend was positive, and buyers maintained their strength.
$BONK stairway to heaven pic.twitter.com/0ZghSRwrnh
Source: X
If the meme coin continues to trade under the bullish influence, further upward action could continue, and it may revisit its ATH mark soon.
Meanwhile, the downside was capped at $0.00002000 as buyers tightened their grip and were eyeing the upper trajectory to reach out shortly.
The RSI curve stayed in the overbought zone and had a reading of 55, conveying a sustained buying pressure on the chart.
Amidst the significant recovery that happened in the crypto market, BONK was the front runner along with its peers and revealed massive demand for it.
Social Insights Displayed Flat Moves
On the social front, BONK meme coin’s social dominance data remained flat around the zero line. It directed nominal investors’ chatter on the media platforms, implying a neutral outlook.
Its weighted sentiment data showed flat movements and noted an increase of over 7% in the last 24 hours, reflecting a neutral stance.
Total Liquidations Chart
Liquidity Chart Source: Coinglass
Amidst the price decline of over 6%, a shift in the liquidations was observed. The short liquidations dropped to $13k, whereas the long liquidations were noted at $117.20k.
It means the Bears tried to retain dominance and looked forward to a significant push.
The immediate support levels for the BONK price at the time of writing were $0.00002600 and $0.000024
- The key upside hurdles were around $0.00003000 and $0.00003300.
All In All
The BONK token price comfortably held gains above the significant moving averages and was poised for an up move ahead. Once it makes a higher low around $0.00002500, another bullish leg toward the $0.00003000 can be anticipated for a short term.
Investor Takeaways
- Support levels: $0.00002500 and $0.00002430.
- Resistance levels: $0.00003000 and $0.00003300.
- Potential bullish trend: As long as support levels hold, the potential for an upward trend remains strong.
- Market sentiment: Neutral to bullish, with significant whale activity indicating potential future movements.
解説
- Market Dynamics: BONK’s performance highlights the volatility and rapid movements common in meme coins, driven by market sentiment and whale activity.
- Key Levels: Identifying and monitoring critical support and resistance levels is essential for traders to navigate potential price movements effectively.
- Future Prospects: The sustained bullish sentiment and strong support levels suggest a positive outlook for BONK, with the potential for significant gains if the upward trend continues.