The price of meme coin Bonk Inu (BONK) has surged by 20% in the last 24 hours, capturing the attention of investors after a recent decline.
Key Takeaways
- Bonk Inu’s (BONK) price has experienced a 20% surge, drawing renewed interest from investors.
- Recent downward pressure led to a potential death cross in the 4H chart, indicating bearish sentiment.
- Despite a sharp decline, positive market sentiments and community support suggest a potential trend continuation.
- Buyers are staging a comeback, facing challenges at the 61.80% Fibonacci level and aiming to reclaim key psychological thresholds.
Buyers Stage a Comeback
Following a 20% surge in the last 24 hours, Bonk Inu (BONK) has once again entered the spotlight for investors, showing signs of a potential trend reversal. The recent downturn, marked by breaching the 50 EMA in the 4H chart, raised concerns of a death cross, a bearish signal.
The BONK experienced a price drops 64% decline from December 14 to 28, resembling a correction often associated with bear markets, coinciding with the coin’s recent listing on popular exchanges.
Sellers intensified the pullback, testing the $0.000015 psychological level and signaling a potential death cross as the price approached the 200 EMA.
Gearing Up for a Potential Rally
Presently, buyers are making a comeback, finding support at the 200 EMA in the 4-hour timeframe and re-emerging above the psychological threshold of $0.000015. However, challenges arise as the 61.80% Fibonacci level turns from support to resistance, posing obstacles to the recovery attempt.
A definitive shift in BONK’s price dynamics would be indicated by a decisive transition of the $0.0000174 barrier into a supportive level. This could signal bullish forces working for a reversal, potentially leading to a 31% upward movement toward the critical resistance level at $0.0000228.
😺@BONK Price Shoots 20%, Traders Are Preparing For Another Mega-Rally🧐📈
— Crypto News (CoinGape) (@CoinGapeMedia) December 29, 2023
🔔Stay tuned with @CoinGapeMedia for the latest #crypto trendshttps://t.co/4zTbxh0nWs
Investors considering a cautious approach may await the confirmed flip of the $0.0000174 level into a support base, offering an opportune entry point with the potential for a 31% gain.
Potential Risks and Downtrend Considerations
Despite the optimistic outlook, caution is warranted. A breach of the $0.0000129 support level and its transformation into a resistance level could invalidate the bullish scenario. Such a scenario might result in a 28% decline, targeting the subsequent support level at $0.00000925.
To Conclude
Bonk Inu’s recent price dynamics indicate a potential comeback after a decline, with buyers showing resilience. Key resistance and support levels, particularly the $0.0000174 barrier, will play a crucial role in determining the coin’s future trend.
Investors are advised to monitor these levels closely, considering potential gains alongside inherent risks associated with the cryptocurrency’s volatility.
