Bonk price backs a new uptrend after bouncing from support at $0.00001. If the uptrend continues, it could lay the framework for a lofty but not impossible rally to $1.
Published 13 hours ago
The crypto market flushed green again on Friday, with Bitcoin price ticking above $41,000. Altcoins recovered subsequently with some like Bonk gaining in double-digits to $0.00001187. Further increases are expected going forward while not ruling out the possibility of consolidation before a major breakout.
Navigating Bonk Price Sudden Bounce Back
Bonk price stepped up after consistently falling from its 2023 peak of $0.000035. However, after the token bounced off support in the green band on the four-hour chart early this month, traders were significantly convinced that a larger rebound was in the cards.
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An initial bounce back on January 8 fizzled out under $0.000018, leaving investors disappointed. On top of the profit taking following the Q4 rally to $0.000035 which was backed by BONK’s listing on two major exchanges Binance and Coinbase, the uncertain outlook of the crypto market since late December contributed to the sell-off.
Bonk price dropped again to test the same green support band around $0.00001 this week before easing into the ongoing rebound.
Should bulls wish to keep the uptrend intact, they will have to double down on their efforts, avoiding the desire to sell at the earliest sign of profit.
The meme coin built on the Solana blockchain holds above two key levels, the 20 Exponential Moving Average (EMA) (in blue) at $0.000011199 and the 50 EMA (in red) at $0.0000115.
Several four-hour candlestick closes above the moving average could further steady the uptrend for the subsequent climb above the 200 EMA (in purple) at $0.00001266.
The Relative Strength Index (RSI) hints at a potential upswing, suggesting a price climb above the yellow resistance band near $0.000015.
This supports the idea of a bullish run. But hold your horses – the RSI at 61, while moving up, doesn’t guarantee smooth sailing. The overall market’s shaky footing means caution is still key.
While Bonk’s future is uncertain, its explosive rally last year can’t be ignored. With the Bitcoin halving approaching, a potential bull run is on the minds of many investors. If that happens, Bonk could indeed soar alongside other altcoins, even aiming for a lofty (but not impossible) target of $1.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/why-is-bonk-price-up-10-today-set-to-hit-1-in-the-next-bull-run/