Key Takeaways:
- BONK price gained over 25% in the last seven days and traded above $0.0000240.
- A major bearish trend line is forming with resistance at $0.0000270 on the daily chart.
- The price is stable above the 50-day simple moving average (blue) and aims for an upside break.
NEW DELHI (CoinChapter.com) — BONK price started another increase from $0.000013. It is now facing an important breakout resistance at $0.0000270 and $0.0000280.
BONK Price Regains Strength
After a major decline, BONK’s price found support near the $0.0000130 zone. A support base was formed, and the price started a decent increase above $0.0000150. There was a steady increase, and the bulls were able to clear the $0.000020 resistance.
This past week, BONK, the first dog-themed coin on Solana “for the people, by the people”, lit up the night sky in Dubai, capturing the attention of all of CT with The Dog’s drone show.
The price gained over 25% in the last seven days and outperformed both Bitcoin and Ethereum. There was a close above the 50-day simple moving average (blue) and the 23.6% Fib retracement level of the downward move from the $0.000050 swing high to the $0.0000130 low.
BONK is now consolidating near the 0.000025 zone and above the 50-day simple moving average (blue). It seems like the bulls are facing hurdles near the $0.0000270 and $0.0000280 levels.
On the daily chart, a major bearish trend line is forming with resistance at $0.0000270. A clear move above the trend line resistance might send the price toward the $0.0000315 resistance. The main resistance is now forming near the $0.0000358 level. It is close to the 61.8% Fib retracement level of the downward move from the $0.000050 swing high to the $0.0000130 low.
A close above the $0.0000358 resistance could set the pace for a strong upward move toward the $0.000045 level. The next major resistance might be near the last high at $0.000050. A daily close above the $0.000050 resistance zone could open the doors for a move toward the $0.000062 region.
Another Decline?
Conversely, BONK price might face rejection near $0.0000270 and start another decline. Immediate support is near the $0.0000230 level and the 50-day simple moving average (blue).
The first major support is near the $0.0000215 zone. A close below this support might send the price toward the $0.0000130 low. If the bulls fail to protect this support, there could be a larger decline. In this case, the price might decline toward the $0.000010 support.
Overall, BONK is consolidating above the 50-day simple moving average (blue) and eyeing an upside break. If the bulls succeed, the price could rally and aim for a move toward the $0.000050 zone in the coming days.
