BONK Bulls Take Over: Upside Momentum Builds After Pullback h3>

After a brief pullback, BONK is showing signs of renewed strength as bullish momentum begins to build. The recent price action indicates that bulls have

BONK Bulls Regain Control as Token Price Shows Signs of Renewed Strength h3>

After a recent pullback in price, BONK is displaying bullish momentum once again. This shift follows a period of consolidation and signals a potential breakout. As the market continues to evolve, traders are keeping a close eye on BONK’s movements, particularly in relation to key technical indicators.

In this article, we'll provide an analysis of BONK’s recent price action and examine the technical indicators that are suggesting a renewed bullish strength. By assessing key levels and examining the token's performance on different time frames, we'll evaluate the potential for further upside and assess whether BONK is likely to face resistance or breakout in the near term.

Technical Indicators: Bullish Strength Emerging on Multiple Time Frames

On the 4-hour chart, BONK recently turned bullish, rebounding and moving above the $0.00001792 resistance level. The meme coin is now trading above the 100-day Simple Moving Average (SMA) and showing strong momentum toward the $0.00002962 level.

An analysis of the 4-hour Relative Strength Index (RSI) suggests that the bulls might be preparing for a return to the game. While the RSI has cooled off to 59% from the overbought zone, it remains positioned above the 50% threshold, indicating that bullish momentum is still present. This positioning suggests that while there has been some cooling off, the market retains the potential for upward movement as long as the RSI stays above this key level.

Also, on the daily chart, BONK is displaying positive momentum, evidenced by a rejection wick on the present daily candlestick. Despite being below the 100-day SMA, this rejection wick shows that buyers are stepping in and pushing the price higher, causing the selling pressure to diminish.

Finally, on the 1-day chart, a close look at the 1-day RSI formation suggests that BONK may fully resume its upward movement as the indicator’s signal line has climbed above the 50% threshold and is currently positioned at 53%.

Potential Upside Targets: Where Could BONK Be Headed Next?

As BONK demonstrates renewed bullish strength, key resistance levels to watch include the $0.00002320 mark, where previous price action has encountered obstacles. If BONK can break through this level, it could pave the way for further gains, potentially reaching the next target of around $0.00002962 and beyond.

Conversely, if BONK faces significant resistance at $0.00002320, the price may consolidate or attempt to test the $0.00001792 support level. A break below this range accompanied by strong volume could signal a continuation of the downward trend, possibly targeting the support level at $0.00000942.

BONK was trading at about $0.00001803, showing a 2.33% decline over the last 24 hours. The cryptocurrency's market capitalization stood at roughly $1.2 billion, while trading volume exceeded $128 million, marking decreases of 2.32% and 23.11%, respectively.

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