BONK Finds Stability At $0.00004002, Can Bulls Spark A Comeback? - ADVFN

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Name	Symbol	Market	Market Cap ($)	Algorithm
TRON	TRXUSD	Crypto	19,418,873,774	Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.001534	0.69%	0.224242	0.224255	0.224298

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.22669	0.22205	0.222708	0.222708	0.077142 - 0.449994

Exchange	Last Trade	Size	Trade Price	Currency
KRKN	14:22:13	771.24	0.224242	USD

Price x Volume	Volume	Base Symbol	Related Pairs
151,608.33	676,056.73	TRX	TRXEUR	TRXGBP	TRXBTC

BONK Finds Stability At $0.00004002, Can Bulls Spark A Comeback?

06/12/2024 1:00am

NEWSBTC

Recent trading activity indicates that BONK is maintaining stability at the critical $0.00004002 support level. This stabilization comes after a period of downward pressure, raising speculations of a rebound on the horizon. With bulls showing signs of resilience, the stage is set for a comeback that could redefine BONK’s near-term trajectory. Will this level be the springboard for a recovery, or is further consolidation needed before the next move? Support Holds Steady: Signs Of A Bullish Rebound As market sentiment teeters between caution and optimism, determining the meme coin’s recent hold at the $0.00004002 support level is crucial in order for investors and traders to reevaluate their positions ahead of potential volatility. Related Reading: BONK Jumps 20% As ‘Dog Season’ Starts, Analyst Says On the 4-hour chart, BONK is exhibiting a steady upward trajectory despite trading below the 100-day Simple Moving Average (SMA). After rebounding strongly from the critical $0.00004002 support level, the asset is making strides to extend its gains, aiming toward the $0.00006247 resistance zone. A successful breach above the 100-day SMA could further validate its recovery, possibly opening the door to higher levels. Also, the formation of the 4-hour Relative Strength Index (RSI) reveals a resurgence in buying pressure and a shift toward a more bullish market sentiment. When the RSI rises and reaches 50%, it could confirm its upside movement, giving BONK the strength to push higher and test key resistance levels. BONK Performance On The Daily Time Frame BONK is showing signs of a potential upward movement on the daily chart, staying above the 100-day SMA after a rebound at the $0.00004002 support level. Its maintenance above this support provides a foundation for further growth. If BONK can maintain its position above this level and continue building momentum, it could pave the way for a breakout and more upside movement. Furthermore, the daily RSI shows signs of a rebound, maintaining a steady position above the 50% threshold. The continued trend above this level implies that the asset is in a favorable position for more gains, with the possibility of a sustained rally. Should the RSI continue to climb, it could indicate growing confidence among traders and signal positive price action for the meme coin. Related Reading: Is BONK Rally In Jeopardy? Technical Indicators Confirm Weakness Thus far, BONK is at a pivotal moment, having found stability above the $0.00004002 support level and the daily 100-day SMA. If Bonk can sustain its position above this support and build on its current momentum, a potential recovery could be underway, possibly driving the price toward the $0.00006247 resistance level and beyond. Nonetheless, failure to maintain $0.00004002 may alter the meme coin’s direction to the downside, causing it to retest lower support zones such as $0.00002962 and $0.00002320. Featured image from Medium, chart from Tradingview.com

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