Despite a positive start to the year, the memecoin sector has exhibited a downturn, with leading coins like Dogecoin and Shiba INU experiencing losses of over 13% and 11% in their respective portfolios.
Similarly, Bonk’s value underwent an 8% correction. However, in a noteworthy reversal, BONK price surged by more than 30% in the past day, indicating a changing trend in the cryptocurrency landscape.
Having traded in a narrow range between $0.000009326 and $0.00001309 for over a week, the BONK price regained momentum, soaring over 141% before encountering resistance at $0.00003162.
Subsequently, the price experienced a loss of momentum, marking a correction of around 37%. The BONK token then entered a sideways trading phase, fluctuating between $0.00001732 and $0.0000200 for a duration.
Despite several attempts, the price struggled to regain momentum, resulting in a breakdown. The memecoin concluded 2023 with lateral movement. The beginning of 2024 witnessed a bearish influence as the Bonk price corrected by 5%.
Since then, the price has remained within a confined range of $0.000009362 to $0.00001309, indicating a subdued buying pressure in the market. However, the current attempt to break out of this range carries an unpredictable outcome.
Will BONK Price Continue to Rally?
The Moving Average Convergence Divergence (MACD) exhibits a consistent rise in the histogram, signaling an increase in buying pressure. Additionally, the averages demonstrate a bullish convergence, indicating a prevailing bullish sentiment in the market.
Sustaining a position above the support level at $0.0000136 is crucial for BONK’s continued upward movement, with a potential test of the upper resistance at $0.00001732 on the horizon. Maintaining stability at that level would pave the way for the BONK token to aim for its upper resistance level at $0.0000200 in the near future.
Conversely, if bears dominate, the price might lose momentum and test the support at $0.00001309. Further bearish control could lead to a descent towards the lower support level at $0.000009362.
