The Solana-based meme coin BONK is showing strong technical signals for a potential 77% price surge, as recent market analysis reveals a bullish continuation pattern forming after a strategic retracement to the 200 EMA support level.
Technical Analysis Shows Bullish Structure
After experiencing volatile price action throughout May, BONK has established a critical support zone around the 200 EMA on the 4-hour timeframe. The token’s recent pullback to $0.00001820 coincides with the 0.618 Fibonacci retracement level – a key technical indicator that often precedes bullish reversals. This technical confluence is further strengthened by daily support between $0.00001832 and $0.00001841.
In an interesting parallel to the broader meme coin market, Shiba Inu’s recent 70% surge following a bullish pattern breakout demonstrates the renewed vigor in the meme coin sector, potentially foreshadowing BONK’s upcoming move.
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Volume Analysis Supports Bullish Thesis
The volume profile presents a compelling case for BONK’s upward trajectory. Since early April, each bullish impulse has been accompanied by increasing volume, while the recent decline occurred on diminishing volume – a classic sign of seller exhaustion. The Point of Control (POC) at $0.00001955 serves as a crucial threshold for the next leg up.
Price Targets and Key Levels
A decisive break above the POC resistance could trigger a rapid expansion toward several key targets:
- Initial resistance cluster: $0.00002581
- Primary target: $0.00003243 (77% upside)
- January 2025 open level: $0.000035
Current Market Position
BONK is currently trading at $0.00001995, showing a 1.6% gain in the last 24 hours. The token’s position above the POC resistance suggests growing bullish momentum, though traders should watch for confirmation of the breakout before taking positions.
FAQ
What is the key resistance level for BONK?
The crucial resistance level is the Point of Control at $0.00001955, which needs to be decisively broken for the bullish scenario to unfold.
What technical indicators support the bullish case?
The 200 EMA support, 0.618 Fibonacci retracement, increasing buy volume, and higher low formation all indicate bullish momentum.
What is the potential upside target?
The primary target is $0.00003243, representing a 77% increase from current levels, with potential for further upside toward the January 2025 open of $0.000035.