BONK Price Nears Resistance: Bulls to Push Towards New High?

BONK/USDT is trading at $0.00002216. BONK price was down 2.59% today, with price action suggesting further consolidation. After a rally in early October, the cryptocurrency faced resistance at $0.00002500. Price is now testing support at $0.00002195.

BONK Price Action Shows Signs of Consolidation

After the recent rally, BONK has been consolidating and trying to break up above the $0.00002500 resistance level.

The closest support at $0.00002195 has acted as a key bounce area, but the price remains under slight bearish pressure. If bullish momentum is to return, a sustained move above $0.00002300 will be needed.

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The daily price action strongly suggests that BONK is trapped in a very narrow range between these support and resistance levels. Should the price break below $0.00002195, there will be room for further downside. However, a move above $0.00002300 could revert the trend back to bullish.

Indicators Point to Weak Bearish Momentum

RSI is currently neutral at 51.07 indicating no strong buying or selling pressure. The RSI recently declined from 55.93, suggesting a declined bullish momentum.

1-day BONK trading chart | Source TradingView

Moreover, weak bearish momentum is shown by the MACD indicator, with the MACD line of 0.00000078 below the signal line of 0.00000087.

Forecasts Iindicate Possible Year-end gains

1qIn November, BONK soars to $0.00008848, climbing 373.67% from the present value. Analysts have cited last month’s performance as a key factor in determining a price range from $0.00006875 to $0.000105 for November’s price.

In addition, if these predicted prices are reached, investors could make massive gains capitalizing on current prices. However, by the end of 2024, BONK is projected to trade between $0.00005524 and $0.00007663.

Analysts Predict Breakout and Strong Performance in 2025

BONK is expected to fluctuate between $0.00003795 and $0.00008938 come next year. Analysts see the year average price forecast at $0.00005726. The price of BONK is poised to trade 303.22% higher in January.

Technical analysts are also noting the potential for a breakout, indicating a possible shift in the market’s momentum. A crypto analyst Moon Whales spotted BONK’s moves toward the slated breakout of an ascending triangle pattern.

$BONK is approaching a breakout from this ascending triangle on the 4H chart. The strong support line indicates consistent bullish pressure, while the resistance level shows signs of weakening. We’re primed for a potential explosive move! 🚀 Keep an eye on this one momentum is… pic.twitter.com/n8NVJexFnx

— Moon Whales (@Moon_Whales_) October 22, 2024

“The strong support line indicates consistent bullish pressure,” Moon Whales said, with signs of a potential upward move becoming stronger.

Other notable experts are similarly optimistic about BONK’s future. Recently on X, analyst Vegeta commented that BONK has broken out of the accumulation phase and in the coming weeks could hit $0.000050.

If this breakout is confirmed, it could become a bullish breakout in an ongoing long-term trend to higher prices.

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