- BONK has surged above the 200-day EMA ($0.01200), signaling a potential trend reversal to the upside.
- The firm reclaim of the mid-range structure reflects increasing buyer confidence and strengthening bullish momentum.
- Volume levels and daily candle closes are being closely monitored as they are critical for confirming continued upward movement.
BONK has finally broken above the important 200 day exponential moving average (EMA) at $0.01200, a common technical indicator of trend reversal. It is a shift in sentiment with the bulls coming in and taking over price action to higher territory.
Furthermore, the renewed buyer confidence has led to strong reclaiming of the mid-range structure. But without volume trends and daily candle closes, these metrics are of no use to traders. They are closely watching volume trends and daily candle closes because they will show whether this breakout can maintain momentum or it will be a fakeout.
BONK Surges 20% as Memecoin Momentum Builds
Recently, BONK gained 20% in the last week and up 28% in the last month. Bitcoin’s bullish trajectory has had everybody just so upbeat in the memecoin sector, along with the altcoin moving in steps with it. As sentiment builds whilst BONK is now above key technical thresholds and impending on key days, we have now reached a point where we will truly know if this is the beginning of a larger bullish trend.
On April 13, Bonk (BONK) is changing hands at a rate of approximately $0.00001362, increasing slightly intraday by 2%. The token’s intraday high stands at $0.00001402, and its low is around $0.00001299. BONK’s price movement is mixed on technical indicators. Support levels of interest (work) include $0.00001862 and $0.00001582, and resistance points of importance include $0.00003277 with possible next targets of $0.00004395 and $0.00005693.
The TD Sequential indicator has spawned a buy signal, indicating that this may be an area of a rebound and that there might be short term upward momentum. The MACD however remains in the negative territory suggesting that there will continue to be short term pressure.
On the other side, the RSI is below 30, which means that BONK is now overbought, a situation that could result in a price rally. In addition, the recent burn of 2.025 trillion BONK tokens may be a bullish catalyst and decreasing supply and increase scarcity. Despite near-term challenges, technical indicators, as well as the recent events, suggest a possible bull reversal for BONK. Key support and resistance levels of the market should be watched closely by investors to confirm trend direction.
BONK Price Eyes $0.015 After Breakout
The Bonk (BONK) has kicked off a strong rally, breaking above the crucial 200-day Exponential Moving Average (EMA) at $0.01200, a big signal of renewed bullish momentum. It is also a clean breakout on the mid-range level and shows strong buying interest to break out from the consolidation and shift sentiment from neutral to bullish.
At the moment, BONK is breaking a major resistance at around $0.01380, which had been the local top we saw back in early March. However, the bullish structure needs to be maintained by a successful breakout above the consolidation zone of $0.01280–$0.01300. If the BONK cryptocurrency continues to catch on, buying volume rises, and it breaks through $0.01380, the door would be open for a strong push towards the next psychological target at $0.01500.
But with the rally not yet having much traction, there is a chance the rally will stall and $0.01380 will provide a point of rejection. On the negative side, the first line of defense is at 200 EMA (0.01200) and is very close to the 100 EMA (0.01130 ). If these support levels are broken, the bullish scenario would be invalid, and a deeper retracement could come.
BONK price action overall is proving that it is getting stronger, however, we need a follow-through volume to see if we break out above resistance to confirm the next leg higher. An analyst, Hermes, also provided a chart of Solana based $BONK, showing that the token has busted a crucial support wall and could continue to fall if it cannot find some recovery.
Introduced in December 2022, BONK enhanced liquidity on Solana’s decentralized exchanges by airdropping 50% of its supply to the community, much in the same way as Shiba Inu and Dogecoin.
