BONK Price is Bullish in Higher Low Territory; Can It Gain 100%

In a broader time frame, the Bonk price has displayed a slow and steady growth Since the beginning of 2024. It has risen in the higher highs and higher lows format. The price dropped to a higher low territory at press time and showed bullish momentum.

Since the beginning of 2024, the price has been rising by taking support on the major trendline. The price has surpassed the 20-day EMA and is heading toward the 200-day EMA.

Historically, the BONK price has attempted thrice to overcome the $0.0000400 hurdle, but sellers were strong. In the last week of May, the digital asset price tried to dominate the major resistance level but failed.

Time to Add BONK Crypto to Portfolio?

Based on this source, it is time to bag Bonk crypto for a good return. In a weekly time frame, the price has taken support on the major trendline and has formed a bullish candlestick. Taking support on the trendline would be a bullish sign.

$BONK added your portfolio from here 🚀✍️ pic.twitter.com/yMkIFU44zd

— TOP GAINER TODAY (@RoccobullboTTom) August 24, 2024

Technical Indicators

RSI is 58 and has escaped from the RSI-based moving average. It has shown a bullish divergence, which signaled a bullish forecast.

MACD has generated a golden crossover with the signal line, and the histograms have been flipped to green. Most of the technical indicators are in favor of bullish momentum.

BONK Price Has Defended the Major Support Level, Will It Rise Further?

At the time of writing, the BONK crypto was being traded at $0.0000213 with an intraday gain of 2.38%. The market capitalization is $1.49 Billion, and the 24-hour trading volume is $216.17 Million. The fully diluted market cap was $1.98 Billion at the time of writing.

If buyers overcome the key moving averages, buying momentum can be initiated. A small bullish spark can lift the price to the main resistance level of $0.0000400.

After the strong bullish momentum in the BONK crypto, dealing with the $0.0000400 hurdle would be crucial. If the investors show interest here, a breakout can be anticipated; otherwise, selling pressure can be seen.

Alternatively, if the digital asset price fails to exceed the key moving averages, sellers may drag down the price to the support level. Assuming the Bonk price starts trading below the trendline support, it may be difficult for the buyers to bounce back.

BONK Price Forecast

BONK price seems to be in a favorable position for potential growth. Technical indicators, such as RSI and MACD, indicate bullish momentum. The price has defended a major support level and showed signs of a potential rise.

However, closely monitoring the key moving averages and the resistance level of $0.0000400 is important. If the price can break through these levels, it might indicate a strong bullish trend. On the other hand, failure to exceed key moving averages could lead to selling pressure.

Technical Levels

Based on the technical analysis, the BONK price is expected to face resistance from the $0.0000285 and $0.0000400 levels. The price may take support at $0.0000200 and $0.0000175 mark.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.

Source