Bonk’s hourly chart is looking bullish again after managing to recover from a two-day dip. Failure to retake a previous high might result in a big crash, which could lead to a serious bearish move in the long term.
The late June bounce has brought a slight relief in the recent bearishness, although Bonk almost resumed yesterday, but the price is recovering on the day following a substantial volume inflow since the start of today.
A daily close above the $0.0000153 level could bring bullish sentiments back in the market as it slowly breaks through the previous weekly high.
Such a setup should confirm more upside moves following the recent higher high and higher low formation on the hourly timeframe. That could fuel a massive bullish rally with a double-bottom pattern if the price scales through the May peak.
While that could lead to a major shift in the crypto trading landscape, the daily buying volume appears insufficient at the time of writing.
Fundamentally, the current increase came as a result of Bitcoin’s price recovery. Therefore, it is important to note that the overall market structure is still in favour of the bears from a short-term perspective. If they manage to step back into the market, Bonk will likely post a huge loss in the near term.
BONK’s Key Level To Watch
Source: Tradingview
Scaling through the previous weekly $0.0000153 high in the latest surge, the next buying target would be $0.0000183 and $0.0000244 resistance, with a potential break to $0.0000314.
Bonk is currently supported by the $0.0000114 level. A drop below it could drive the price back to the bottom level of $0.0000089. Breaking lower could crash the price to $0.000005.
Key Resistance Levels: $0.0000183, $0.0000244, $0.0000314
Key Support Levels: $0.0000114, $0.0000089, $0.000005
- Spot Price: $0.0000142
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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