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BONK’s worth motion has been forwards and backwards in Might, and the cryptocurrency is now primarily again the place it began the month. Latest worth motion reveals that the token is making an attempt to stabilize at across the 200 EMA after being rejected by the native excessive close to the 0.00002581 stage.
This rejection led to a measured pullback in the direction of $0.00001820. Nonetheless, in line with a technical analysis on the TradingView platform, the retrace seems to be forming a bullish continuation setup with a 77% corrective transfer in view fairly than indicating a bearish reversal.
Bullish Market Construction Holds Agency For BONK
BONK’s worth retracement has introduced it instantly right into a zone of heavy technical curiosity. On the coronary heart of this confluence lies the 200 EMA on the 4-hour timeframe, which might technically function the following help zone for the meme coin transferring ahead. As well as, the retracement aligns with the 0.618 Fibonacci stage, which is often associated with bullish corrections. It additionally aligns with a each day help zone round $0.00001832 to $0.00001841 and a resistance zone round $0.00002034.
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Curiously, this motion has led to a consolidation between these ranges since Might 15, and in line with the TradingView analyst, the worth construction suggests consumers are stepping in to defend the development. This, in flip, has led to the formation of a better low.
From a quantity standpoint, every upward impulse has proven rising quantity for the reason that first week of April. Nonetheless, the current decline occurred on diminishing quantity, hinting at exhaustion from sellers.
77% Upside Transfer If BONK Breaks Above Resistance
Even with the present vary, BONK is still within a bullish setup that might ship it in the direction of a brand new 2025 excessive and presumably in the direction of its present all-time excessive ranges. The vital stage to observe now could be the purpose of management (POC) resistance at roughly $0.00001955. This stage beforehand acted because the pivot level earlier than the pullback and now serves as the brink for bullish continuation.
Associated Studying
A confirmed shut above this area would probably set off a fast enlargement transfer towards the following resistance cluster round $0.00002581, earlier than finally reaching the expected worth goal of $0.00003243, which might convey it near its January 2025 open of $0.000035. As such, the projected goal if this performs out will translate to a 77% rally. The worth goal additionally aligns with a previous swing high on January 15 and January 18.
On the time of writing, BONK is buying and selling at $0.00001995, up by 1,6% previously 24 hours. Its response right here, simply above the POC resistance, shall be an vital deciding issue. If consumers manage to maintain pressure and safe a decisive breakout, the stage could possibly be set for a powerful rally into the higher resistance band and a retest of BONK’s 2025 swing excessive.
Featured picture from Shutterstock, chart from Tradingview.com
Scott Matherson Read More
