BONK PRICE ANALYSIS & PREDICTION (April 29) Bonk is Down Today After Rallying 60%, But Can it Sustain Momentum?
Bonks trading levels have changed significantly in the past three weeks following a major recovery. This came after forming a reversal pattern earlier this month, which is now looking bullish on the daily chart.
Following a double-bottom pattern, which materialised after forming a base support at $0.0000089, Bonk is now considered bullish on the daily chart after flipping the patterns neckline during last weeks surge.
That flip confirms a breakout of a crucial monthly resistance level of $0.0000156, and the price tested $0.0000217 yesterday, marking the highest price level since the recovery started on April 7. A rejection occurred, and the price is now weak at the time of writing.
If the bulls push back to reclaim yesterdays high, we should expect more recoveries in the future. However, they have technically gained control of the market. They must sustain pressure to remain in control. If they fail, the bears may take advantage of their weakness to resume pressure from a mid-term perspective.
The price may currently appear weak, but it is important to note that the market is currently in favour of the bulls as they appear more formidable in their quest to claim more highs daily.
BONKs Key Level To Watch
Source: Tradingview
In the next upsurge, the resistance level to watch for a test is $0.000024. An increase in the demand level could propel the bullish action towards the $0.0000314 level and potentially $0.00004 in the future.
If it loses momentum, the recently broken $0.0000156 resistance may be tested as support. Theres also a support level at $0.0000114. Failure to hold there may result in a rollback to the base support of $0.0000089.
Key Resistance Levels: $0.0000244, $0.0000314, $0.00004
Key Support Levels: $0.0000156, $0.0000114, $0.0000089
- Spot Price: $0.0000198
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Text source: NullTX
