The Bonk price surged more than 28% over the past 24 hours to trade at $0.00001324 at press time as investors begin to re-accumulate the meme coin.
The Bonk Price Is Attempting to Break Out of a Bear Cycle
Daily chart for BONK/USDT (Source: TradingView)
The Bonk price was in a negative trend over the past couple of weeks. During this time, a bearish trend line formed on the meme coin’s daily chart, as it printed a series of lower highs. However, the crypto now seems to be attempting to overcome the negative trend.
Throughout the past day of trading, the Bonk price was able to break above the bearish trend line on its daily chart. It also continued to trade above this barrier at press time. Should BONK close today’s trading session above this mark, it may have a good launchpad to rise from. In this bullish scenario, the Bonk price may attempt a challenge at the $0.0000148068 resistance level. A daily candle close above this threshold could then be identified as a buy signal by traders. Should this happen, the altcoin may surge to the subsequent resistance level at $0.0000346810 in the following few days.
This bullish thesis may be invalidated if the Bonk price closes today’s daily candle below the bearish trend line. As a result, the Solana-powered meme coin may drop below the $0.0000089940 support. Continued sell pressure could then push the Bonk price down to $0.0000046040 in the short term.
Technical indicators suggested that BONK may close today above the trend line, and potentially continue climbing in the next 48 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators were flagging bullish.
During the last 24 hours, the RSI line managed to cross above its Simple Moving Average (SMA) line. This is a significant bullish technical flag that suggests buyers have gained an upper hand against sellers on BONK’s daily chart. Meanwhile, the MACD line was also attempting to cross above the MACD Signal line. These two lines intersecting could signal the continuation of BONK’s positive trend.
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