As Bitcoin broke to a new high overnight, major meme coins like Bonk exploded massively and regained momentum after taking a downturn last month. It currently looks bullish while signalling a trend shift.
Following several lower highs in the past months, Bonk Inu managed to stay above the $0.000015 level and recovered in September, although the bears showed up again last month and pulled the price to around $0.00017 the previous weekend.
That level stood as support and the price bounced back yesterday with a sudden surge to $0.000023 a few hours ago. It faced rejection there and retraced briefly, though the price is still looking strong on the day.
While the sudden surge in volatility reveals a rising demand in the last 24 hours, we can expect more surges if the bulls further show interest. Upon that, the meme coin may face a lot of obstacles on the way up.
The primary barrier level to watch for more increase right now is the previous lower high of $0.000026 – marked in October. A successful surge through it could activate a short-term shift in the market structure. This could lead to a reversal pattern – a possible high and higher low movement – on the daily timeframe.
Nevertheless, it is important to note that Bonk’s mid-term structure is still bearish despite the latest positive surge. While this bearish structure is currently suspended, the price must fall below September’s low to confirm a continuation.
BONK’s Key Level To Watch
If Bonk retakes the current daily high, it may advance to $0.000026, marked as resistance in September. Advancing bullish, the $0.0000295 and $0.000339 levels are higher resistance to watch for a shift.
Losing grip above $0.0002, the price may pull back to $0.0000196 and potentially $0.00017 – considered as weekly support. The $0.00015 level (September’s low) is the next support to watch for a breakdown.
Key Resistance Levels: $0.000026, $0.0000295, $0.0000339
Key Support Levels: $0.0000196, $0.0000171, $0.000015
- Spot Price: $0.000022
- 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-november-8-bonk-jumps-20-amid-fresh-surge-as-it-signals-a-potential-shift/