Bonk Price Wants to Break Out as On-Chain Metrics Signal Accumulation

Bonk price is currently in a precarious position with falling prices and volume. However, the macro outlook promises a rebound in the coming days

Bonk price is currently facing selling pressure, evident in the 5.1% price decrease over the last 24 hours. Despite this short-term bearishness, the meme coin has enjoyed a 35% gain MTD and is now eyeing a potential breakout from a bullish ascending triangle pattern on the daily chart.

Key Levels to Watch, Bonk Price to Moon?

Bonk price opened the London trading session on Wednesday at $0.00002637, showcasing a 5.1% loss over the last 24 hours of trading. However, the meme coin has gained over 35% MTD and is now looking bullish on the daily chart.

A minor resistance level exists around $0.0000292, which, if Bonk price breaks above, can rally 30% to the next major resistance around $0.00004. This level coincides with the previous highs and a significant supply zone.

Conversely, if its price trends lower, it may find support at $0.0000255 (50-day EMA) and $0.0000225 (200-day EMA), below which the bullish ascending triangle will be invalidated.

Relative Strength Index (RSI): 54.95, NeutralRSI is currently at 54.95, indicating a neutral stance but leaning towards bullish territory. This suggests that there is room for further upward movement.

Chaikin Money Flow (CMF): 0.06, Modest Buying PressureCMF also supports this bullish assessment. Sitting at 0.06, it signals positive money flow into BONK and modest buying pressure.

The technical indicators and market patterns suggest that although the Bonk price action shows slight bearish tendencies, the general sentiment is bullish, especially considering the upcoming bullish pattern breakout.

On-Chain Metrics Suggest Accumulation, Despite Bearish Price Action

According to data from Coinalyze on Bonk’s on-chain metrics, market participants are accumulating the meme coin despite the bearish price action. While open interest (OI) has been down 4% in the last 24 hours, the Long/Short (L/S) ratio has increased by 11.11% in the last week to 1.879.

The L/S ratio shows the percentage of investors who are long on the asset compared to those who are Short. Combined with the falling OI, it indicates that market participants are holding on to their Bonk tokens, anticipating a price increase soon.

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