BONK Coin Price: Bulls are Actively Pushing the Price Above

• Buyers pushed the BONK price above the $0.00001262 resistance level, reflecting potential buying pressure.
• The 50 and 200-Day EMAs are heading for a bullish crossover on the BONK/USD chart.

Launched on December 25, 2022, the BONK coin is similar to meme coins having a base theme on Solana. The developers are trying to bring back liquidity to Solana-based decentralized exchanges (DEXs) by focusing on creating community coins. 93.62 Trillion BONK coins have been created out of which 63.33 Trillion are currently in circulation.

Important Levels and Major Price Actions of the BONK Coin

The year-to-date return of the BONK coin price is at -3.24 %, which isn’t a big deal for crypto investors. The price is now recovering from its past grave with a weekly return of 27.19%.

This chart reflects the current market sentiments of the BONK coin investors. However, the BONK coin price is still struggling below the $0.00001798 resistance. On January 8, 2024, the price took a strong pullback from the $0.00000932 support level.

That pullback created an impulsive bullish rally toward the $0.00001798 resistance reflecting the presence of buyers at the $0.00000932 support level. Consequently, the buyers have repeatedly shown their presence in that zone. 

At present, the price is moving upward from that demand zone showing potential buying toward the $0.00001798 major resistance. In the last 24 hours, the BONK coin volume is ranked 51st out of 8799 active cryptocurrencies.

Technical Analysis of the BONK/USD in the 4-Hour Timeframe

The BONK coin price has recently broken above the 50 and 200-Day EMAs, a strong sign of a potential trend reversal. However, the price made a pullback on both the EMAs which also makes up a strong support for future rallies.

The BONK/USD took triple bottom support at the $0.00001015 support level which makes that level an attractive entry point for the bulls.

At press time, the price was making a minor correction on the $0.00001186 retracement level which may lead to a breakout from the $0.00001417 initial resistance level. If the BONK coin price manages to sustain above that level, it may reach $0.00001680 resistance soon.

The relative strength index (RSI) has made a major positive divergence. That reflects the momentum in the favor of buyers in the current market structure. The RSI is sloping above 50-mark after taking support on it.

Conclusion

The BONK coin price is showing some divergence in the momentum reflecting the increment of bullish sentiments in the market. The price has made a triple bottom on the $0.00001015 support level which may play a crucial in preventing the price. At press time, it is moving toward the $0.00001417 resistance. If the BONK coin price manages to sustain above that level, it may be seen rising to the $0.00001680 resistance.

Technical Levels

• Resistance Levels: $0.00001417, and $0.00001798
• Support Levels: $0.00001186, and $0.00000932

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto assets comes with the risk of financial loss.