The BONK price movements have introduced it near a crucial help degree, and its response may make or break its worth trajectory from there. An in depth technical evaluation on the TradingView platform means that the cryptocurrency’s present setup may result in both a bullish breakout to retest its all-time excessive at $0.00005825 or an additional decline beneath $0.00001497, relying on how worth motion unfolds within the coming days.
Descending Channel And Double Backside Sample For BONK
Meme cryptocurrency BONK has largely been buying and selling inside a descending channel for the past three months, which has been characterised by the formation of decrease highs and decrease lows on the each day candlestick timeframe chart. This descending channel sample kickstarted after BONK reached a brand new all-time excessive of $0.00005825 on November 20, 2024.
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As famous by the analyst on TradingView, the BONK worth is presently displaying indicators of a wholesome retracement after rejecting at a decrease excessive throughout the descending channel. This retracement has now seen the meme coin at a crucial help zone round $0.000026 throughout the descending channel. Curiously, the retest of this help zone hints at the potential of a double backside sample, as the value chart reveals BONK had bounced off this zone on December 20, 2024.
The double backside is the bullish situation for the BONK worth. Nonetheless, the analyst highlights that affirmation on decrease timeframes is crucial for this double-bottom situation to materialize. Particularly, a bullish Inner Change of Character (I-CHoCH) throughout the present help zone would sign that patrons are re-entering the market, which might improve the chance of a breakout from the descending channel.
Key Value Ranges To Watch For BONK Value
The $0.000026 degree is highlighted as a critical support degree to control within the coming days to see the way it ultimately performs out for BONK. Ought to BONK handle a rebound from this degree, step one towards a sustained bullish transfer can be to interrupt above the higher trendline of the descending channel, which might be wherever between $0.000030 and $0.000031.
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Upon confirming the breakout, the analyst recognized several resistance levels that BONK would encounter on its path to a brand new all-time excessive. These ranges embrace $0.00003657, $0.00004754, and a powerful resistance level at $0.00006340.
Nonetheless, the analyst additionally factors out that there stays a danger of additional retracement and even panic promoting, particularly if BONK fails to exhibit bullish confirmations by an I-CHoCH within the decrease timeframes. This situation may trigger a break beneath $0.000026 to achieve one other robust help zone, the place the same I-CHoCH affirmation would nonetheless be essential to validate a possible bounce. With out these confirmations, the bullish outlook could be invalidated.
On the time of writing, BONK is buying and selling at $0.00002863 and is up by 5% previously 24 hours.
Featured picture created with Dall.E, chart from Tradingview.com
