Along with other meme coins, Bonk posted a huge gain during the recent market recovery. Though the crypto market is down this week, but still shows signs of strength while most altcoins took a break from buying.
Last month’s trading saw many altcoins through a notable recovery from their recent lows as the global market cap evaporated. Bonk’s price also picked up from $0.000015 and broke above its previous monthly high.
Due to multiple rejections at the $0.000025 level, the meme coin briefly paused buying and stayed calmly indecisive in the late month while most altcoins slightly lost momentum. It has shown signs of strength today as volume continues to flow into the asset – indicating a potential increase.
A continuous surge in the buying volume could bring more price growth before facing resistance at around $0.00003 in the next few days. After that, a pullback should be expected before resuming positive actions.
However, if Bonk initiates a pullback from the current trading level, the price drops into the $0.00002 range or even lower before locating a solid ground for a rebound.
While the mid-term structure is considered bearish on the daily chart, it has technically shifted to the upside and is now looking bullish from the short-term perspective. Bigger recoveries are expected if the meme coin reestablishes support above the $0.000018 level.
BONK’s Key Level To Watch
In the latest surge, Bonk may advance buying to an immediate resistance of $0.0000295 before making a pullback. Pushing through this resistance could bring us back to July’s $0.0000339 high with a potential break to $0.0000371.
If the price drops, the support level to watch is $0.000022, followed by $0.0000185 – where a major rebound is likely to occur. The $0.000015 support is the last defence line for the bulls. A break below it may result in another crash.
Key Resistance Levels: $0.0000295, $0.0000339, $0.0000371
Key Support Levels: $0.000022, $0.0000185, $0.000015
- Spot Price: $0.000025
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Source: https://nulltx.com/bonk-price-analysis-prediction-october-3-bonk-sustains-pressure-after-multiple-rejection-bigger-gains-lie-ahead/