Bonk Coin (BONK) Technical Analysis: Bulls Take Over as the Crypto Market Heats Up
- WBOYOriginal
- 2024-07-19 12:21:58698browse
Bonk coin is built on the Solana platform and was launched on 8 February 2020. It hit its all-time high price of $0.00004704 four months ago.
Bonk coin, a Solana-based meme coin, has experienced a 78% price decline from its all-time high (ATH) of $0.00004704. At press time, the coin trades at a price of $0.0000103.
Despite the massive fall from its ATH, the coin has shown resilience, trading above a crucial dynamic trendline for five months. This trendline has provided support multiple times.
Now, the coin has formed a double-top formation at higher levels, which led to a price decline initially. After this dip, the price again found support at the dynamic trendline. At press time, the coin experiences buying pressure after rebounding from the dynamic trendline, forming a bullish candlestick pattern.
BONK is approaching the downtrend ATR of the Supertrend. If this level is breached, we could see a massive shift in the coin’s price trajectory.
Coming to the EMAs on the daily chart, BONK broke above the 20-day and 50-day EMAs. Despite this upward movement, a death cross is still present. If the price continues to sustain above these EMAs, a golden cross would be likely.
The moving average convergence divergence (MACD) and the signal line exhibited a golden cross, but other metrics traded negatively. The histograms on the MACD indicator showed support for an upward trend.
The relative strength index (RSI) has been trading at 54 and advanced above the 14-day simple moving average (SMA). This showed a possibility of a rise in the bullish momentum of the coin.
BONK faced multiple rejections but remained resilient, sustaining above a crucial trendline. Technical indicators like the MACD and RSI suggested potential bullish momentum, but a death cross and high volatility signaled uncertainty. Investors are being cautious, watching for a breakout above key resistance levels.
The support levels for BONK are $0.0000130 and $0.0000180, followed by the resistances of $0.0000420 and $0.0000550.
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