New Found Support Sets BONK Rally to $0.000025
A recent surge in volume indicates aggressive buying activity, leading to a V-shaped recovery in the market. The 50-and-200-day EMA golden crossover is expected to attract more buyers to BONK. Intraday trading volume for Bonk has reached $571 billion, indicating a 21% gain.
BONK experienced a significant downturn, dropping by 71.64% from its peak of $0.000035. However, a recent upswing has broken the overhead trendline of the falling channel pattern, suggesting a potential reversal of the previous downtrend.
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The current price is heading towards retesting the level of $0.0000135. If this level holds, potential targets for BONK are $0.0000175, $0.0000216, and $0.0000267.
Can Bonk Price Plunge Back to $0.00001?
Despite the recent bullish outlook, a previous correction wiped out 75% of gains made during November-December. This indicates active selling pressure in BONK. If the price fails to sustain above $0.0000135, there is a demand zone at $0.00001-$0.00000992 that needs protection before a prolonged downfall can be expected.
- Exponential Moving Average: The jump above the 100-and-200-day EMA suggests a change in the short-term trend.
- Average Directional Index: A high ADX value of 37% indicates potential correction ahead to replenish bullish momentum.
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Hot Take: BONK’s Bullish Momentum Continues with Listing on OKX Exchange
BONK’s recent surge in volume and bullish price action can be attributed to its listing on the OKX cryptocurrency exchange. With increasing optimism towards Spot Bitcoin ETFs, there is a possibility that BONK’s price may surpass $0.00002 in January. However, caution is advised as previous corrections have shown significant selling pressure in the asset. Traders should closely monitor key support levels and market trends to make informed investment decisions.
