Recent trading activity indicates that BONK is maintaining stability at the critical support level of $0.00004002. This stabilization comes after a period of downward pressure, fueling speculation about a rebound on the horizon. With 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 the springboard for a recovery or is further consolidation needed before the next move?
Support remains stable: signs of a bullish bounce
As market sentiment oscillates between caution and optimism, determining the meme coin’s recent hold at the $0.00004002 support level is crucial for investors and traders to re-evaluate their positions ahead of potential volatility.
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On the 4-hour chart, BONK shows a steady upward trajectory despite trading below the 100-day simple moving average (SMA). After registering a strong bounce from the critical support level of $0.00004002, the asset is making strides to extend its gains, aiming towards the resistance zone of $0.00006247. A successful breakout of the 100-day SMA could further validate its recovery, possibly opening the door to higher levels.
Furthermore, the formation of the 4-hour Relative Strength Index (RSI) reveals a resumption of buying pressure and a shift towards more bullish market sentiment. When the RSI rises and reaches 50%, it could confirm its bullish move, giving BONK the strength to push higher and test key resistance levels.
BONK performance on the daily time frame
BONK is showing signs of a potential upside move on the daily chart, remaining above the 100-day SMA after a bounce to the $0.00004002 support level. Sustaining it above this support provides the foundation for further growth. If BONK can maintain its position above this level and continue to build momentum, it could pave the way for a breakout and further bullish movement.
Furthermore, the daily RSI shows signs of rebound, remaining steadily above the 50% threshold. The continued trend above this level implies that the asset is in a favorable position for further gains, with the possibility of a sustained rally. If the RSI continues to rise, it could indicate growing confidence among traders and signal positive price action for the meme coin.
So far, BONK is at a crucial juncture, having found stability above the $0.00004002 support level and the 100-day daily SMA. If Bonk can maintain its position above this support and build on the current momentum, a potential rally could be underway, which could push the price towards the $0.00006247 resistance level and above. However, failure to hold $0.00004002 could alter the direction of the meme coin to the downside, forcing it to retest lower support zones such as $0.00002962 and $0.00002320.