As the cryptocurrency market surges, the positive trend of Bonk (BONK) appears to be consolidating. This memecoin, known for its high volatility, is at a pivotal point in its development.
The cryptocurrency BONK is currently at a crucial technical point. After a 67% increase in a month, driven by the rebound of Ethereum, BONK is undergoing a retest of a key resistance level.
On the daily chart, the token has formed a bullish chart pattern in a cup and handle formation. This is a technical signal often seen as a precursor to a trend reversal. After breaking the resistance at $0.000020, BONK reached a local peak at $0.000025 before experiencing a technical correction.
Currently, the price is hovering around the $0.000019-$0.000020 zone, which corresponds to the former resistance level now turned into support. The short-term future of BONK hinges on this level.
Bullish Scenario:
Bearish Scenario:
The ability of BONK to bounce back from this pivotal level will greatly depend on the overall direction of the crypto market, especially Ethereum’s behavior. If the leading altcoin continues its upward trend, it could breathe new life into the meme cryptocurrency on all exchanges.
The “cup and handle” chart pattern suggests a technical target of $0.0000312. Although this target implies a substantial gain of over 40%, investors will need to remain vigilant of several factors:
BONK is at a decisive turning point. Consolidation above the former breakout point could trigger a new bullish acceleration. In the coming days, informed crypto traders will closely monitor the behavior of this memecoin.
Gaston has been a writer for over 7 years and a passionate cryptocurrency enthusiast since 2020. He loves exploring the crypto ecosystem and is now dedicated to sharing his insights and discoveries through InvestX.
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