BONK price is showing strong bullish sentiment today, jumping 14.8%. Technical indicators suggest more gains could follow, supported by an Elliott Wave pattern analysis pointing to possible breakout targets.
BONK Price Analysis: Bulls Take Control
Currently trading at $0.00002203, BONK has entered a bullish trend. The meme coin is above the 20-day Simple Moving Average (SMA), a key indicator of a short-term uptrend. As long as the price stays above the SMA, it may serve as a support level, keeping the bullish momentum intact.
Immediate resistance lies at the upper Bollinger Band, set at $0.00002494. If BONK breaks through this level, it could spark further upward movement and attract new buyers.
Bollinger Bands Indicate Potential Price Movement
At its current price of $0.00002203, BONK is approaching the upper Bollinger Band. This level may act as resistance if the price fails to break above $0.00002494. In case of a pullback, the middle Bollinger Band at $0.00002125 could provide crucial support.
Should BONK drop further, the lower Bollinger Band at $0.00001756 offers a stronger support level. These indicators suggest that while the current trend remains bullish, traders should watch for either a breakout or consolidation around these key levels.
RSI Signals Moderate Bullish Momentum
The Relative Strength Index (RSI) for BONK is currently at 54.86, signaling moderate buying pressure. It remains below the overbought threshold of 70, leaving room for more upward movement.
If the RSI continues to rise towards 60, it would reinforce a positive outlook, suggesting stronger buying interest and further gains for BONK.
Elliott Wave Pattern Hints at a Bullish Wave
Crypto analyst ManofBitcoin believes BONK is forming an early-stage bullish Elliott wave, indicating a potential shift to wave-3. A clear move above $0.0000262 would confirm this wave transition, signaling a stronger bullish trend and increasing buying pressure.
The target for wave-3 is set at $0.0000899, based on the 1.618 Fibonacci extension. This level could serve as a key resistance point as per Elliott Wave trading principles.
Market Outlook and Analyst Predictions
Recently, BONK fell by 15% to $0.0000174 but then rebounded with a 32.2% recovery. This recovery could indicate building bullish pressure. Analysts suggest that a daily close above $0.0000227 is essential to confirm a trend reversal and break BONK’s current bearish market structure.
Additionally, a continued Bitcoin rally could boost BONK’s price, along with other cryptocurrencies. If Bitcoin maintains its upward trajectory, it may provide a more favorable environment for meme coins like BONK to thrive.
Final Thoughts
BONK price appears poised for a potential breakout. Key indicators like the Bollinger Bands, RSI, and Elliott Wave pattern suggest a bullish outlook. However, investors should keep an eye on critical support and resistance levels. A sustained Bitcoin rally could further strengthen the case for a BONK price rally, making it an exciting asset to watch in the coming days.
