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- The 24-hour trading volume has increased by 107% and a bullish crossover was seen in key moving averages.
- The Bonk price has displayed a pullback which could trigger bullish momentum.
On a wider time frame, the Bonk (BONK) price has displayed a slow and steady elevation. It has risen by a strong ascending trendline. BONK consolidated on the trendline in the first 3 weeks of September. In the last week of September, the price displayed bullish momentum and triggered a pullback. Let’s find out how it performs after the pullback.
The Bonk crypto price has attempted thrice to overcome the $0.0000400 hurdle since December. Every time, a sharp selling has been seen at this level and buyers have preferred to book profit.
BONK Price Analysis; Can it Recover Losses?
Bonk crypto was trading at $0.0000221 at press time which has increased by 1.10% in the past 24 hours. The market capitalization was $1.63 Billion and the 24-hour trading volume was $264.26 Million.
Since June, the BONK price has been in a bearish trend and has dropped to the major ascending trendline. However, buyers have shown interest and have gained bullish momentum.
If the digital asset price surpasses this month’s high, it could be a bullish signal. Assuming the price sustains over the key moving averages, buyers may remain strong and lift the price to the major resistance level. Suppose the price manages to overcome the $0.0000400 mark, invests may show involvement which may lead to a new all-time high.
Alternatively, if the Bonk crypto price slips below the 200-day EMA, it could generate a panic situation among buyers. Once the price starts trading below the trendline, massive selling pressure can be seen.
Based on the technical indicators, the Bonk price has overcome the key moving averages and was trading over them. The MACD and the signal line were wandering in the positive territory and the histograms were green. The technical indicators favor the bullish forecast.
BONK Price at Crucial Level of Breakout; What’s Next?
World Of Charts (@WorldOfCharts1) claims that the BONK price has reached a crucial level of breakout. It has formed a symmetrical triangle on a daily time frame.
If the Bonk price triggers a breakout from the triangle, it may trigger a bullish momentum. A successful breakout could set off a massive bullish wave in the next few weeks.
BONK Price Forecast Based on Technical Analysis
BONK price has displayed several bullish indicators, such as an increase in trading volume, a bullish crossover in moving averages, and a pullback triggering a potential bullish momentum. The price was resilient near the major ascending trendline and displayed bullish momentum after consolidating.
If the price surpasses key resistance levels, it could signal a new bullish trend and potentially reach new all-time highs. However, it is important to monitor the price closely, as a slip below certain key levels could lead to increased selling pressure. Overall, the technical indicators are favoring a bullish forecast for the Bonk cryptocurrency.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
