Recent trading activities indicate that BONK is maintaining stability at the critical support level of $0.00004002. This stability comes after a period of downward pressure, raising speculation that a recovery is on the horizon. With the bulls showing signs of resilience, the stage is set for a comeback that could redefine BONK’s trajectory in the near term. Will this level be a starting point for a recovery, or is further consolidation needed before the next step?
Support is fixed: indications of an upward rebound
As market sentiment oscillates between caution and optimism, identifying the recent support level for the memecoin at the $0.00004002 support level is crucial so that investors and traders can reevaluate their positions ahead of potential volatility.
Related Reading: BONK Jumps 20% as ‘Dog Season’ Begins, Analyst Says
On the 4-hour chart, BONK is showing a steady upward trajectory despite trading below the 100-day simple moving average (SMA). After bouncing strongly from the critical support level of $0.00004002, the asset is making strides to extend its gains, targeting the $0.00006247 resistance zone. A successful break above the 100-day simple moving average could further confirm its recovery, perhaps opening the door to higher levels.
The formation of the 4-hour Relative Strength Index (RSI) also reveals the return of buying pressure and a shift towards bullish market sentiment. When the RSI rises and reaches 50%, it can confirm its upward movement, giving BONK the strength to push higher and test key resistance levels.
BONK performance on daily time frame
BONK is showing signs of a potential upward movement on the daily chart, and remains above the 100-day simple moving average after bouncing at the $0.00004002 support level. Maintaining it above this support provides a foundation for further growth. If BONK can maintain its position above this level and continue building momentum, this could pave the way for a breakout and further upward movement.
Moreover, the daily RSI is showing signs of a rebound, maintaining a steady position above the 50% threshold. A sustained trend above this level indicates that the asset is well-positioned for further gains, with the potential for continued upside. If the RSI continues to rise, this may indicate growing confidence among traders and indicate a positive price movement for the meme coin.
So far, BONK is going through a pivotal moment, finding stability above the $0.00004002 support level and the 100-day daily simple moving average. If Bonk can maintain its position above this support and build on its current momentum, there could be a potential rebound, which could push the price towards the $0.00006247 resistance level and beyond. However, failure to maintain $0.00004002 may change the meme coin trend to the downside, leading to a retest of lower support areas such as $0.00002962 and $0.00002320.