BONK price demonstrates a high-level bullish sentiment today as technical indicators shows an increase of 14.8%. Analysts point to the Elliott Wave pattern and potential breakout targets as positive indications toward further price gains.
BONK Price Chart Analysis
BONK is now trading at $0.00002203 pointing to a new bullish trend. The meme coin is currently situated above the 20-day Simple Moving Average, which signifies a short-term bullish run. If this trend continues, the SMA will act as a support level, ensuring that BONK’s uptrend remains intact.
Immediate resistance is located at the upper Bollinger Band currently set at $0.00002494 which might offer a short-term resistance until the bulls dominate the market. Breaking this level would signal further bullish momentum, possibly attracting more investors.
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Bollinger Bands Suggest Increased Volatility in BONK Price
At the current price of $0.00002203, BONK is nearing the upper Bollinger Band which may act as a resistance if the price fails to break above the upper Bollinger Band at $0.00002494.
However, should the price drop back, the middle Bollinger Band at $0.0002125 may serve as a key support level to hold if the Bulls are to retreat for a moment.
The lower Bollinger Band is the stronger support at $0.00001756 if BONK is to experience a more significant dip within the recently seen price range. These bands indicate that although the present trend is bullish, the trader should look for a breakout or a consolidation around these levels.
RSI Indicates Moderate Bullish Momentum
The Relative Strength Index (RSI) is 54.86, indicating moderate buying pressure without crossing the overbought level, which is above 70.
1-day BONK trading chart | Source Tradingview
RSI remains within the bounds that signal more room for upward movement, with no indications of a reversal in the short term. Furthermore, if the RSI indicator continues to rise towards 60 or above, it will provide a solid and positive signal for the bulls in BONK.
BONK Price: Possible Formation of a Bullish Wave
Analyst ManofBitcoin stated that BONK is likely experiencing an early-stage bullish Elliott wave, with a bottom possibility at wave-2.
$BONK price has likely formed a low in wave-2. A break above $0.0000262 is the first objective for the bulls.
Target for circled wave-3 is the $0.0000899 price level. pic.twitter.com/LUiZKWI5Jh— Man of Bitcoin (@Manofbitcoin) November 6, 2024
Nevertheless, further clear movements above $0.0000262 signal a shift into wave-3 which is significant in relation to a stronger bullish run. Any breakout above this level would lead to a more bullish trend, hence attracting more buying pressure.
Source: X
The target for circled wave-3 is $0.0000899, a level arrived at by using the 1.618 Fibonacci extension as suggested by the Elliott Wave theory of trading, where there is a typical resistance level.
Overall Market Condition and Analyst Views
The meme coin declined by 15% trading at $0.0000174 before recording a 32.2% recovery, which may suggest the potential for bullish pressure.
According to analysts, a daily close above $0.0000227 would be key to breaking BONK’s current bearish market structure and confirming a trend reversal.
Several analysts are convinced that a sustained Bitcoin rally might post a positive effect on BONK’s revival, thus strengthening the buying pressure. If Bitcoin keeps on moving upwards, it will provide more bullish outlooks for BONK as well as other cryptocurrencies.
