BONK, the vibrant meme coin, is encountering a price correction after a strong bullish run, raising questions about the future of its uptrend. While natural after a surge, the pullback has prompted speculation on whether bulls can regain control and steer the coin back toward its recent highs.
Despite the dip, BONK still shows signs of resilience, with key support levels holding firm. A rebound from these zones could reignite buying interest and set the stage for another rally. However, a failure to hold these critical levels might signal a deeper correction, giving bears the upper hand.
The next move for BONK will depend on the balance of market sentiment and technical factors. If bulls return with enough momentum, the coin could quickly recover, solidifying its position in the meme coin space. For now, the market watches closely to see if this correction is a mere pause or the beginning of a longer downturn.
BONK Bullish Run Stalls: What Led To The Pullback?
BONK’s bullish run has hit a roadblock, with the price experiencing a temporary pullback after an impressive rally. This slowdown appears to stem from profit-taking by early investors, coupled with increased selling pressure near key resistance levels. Additionally, a lack of fresh buying pressure has contributed to the stall as traders await clearer signals for the next move.
External market factors such as broader cryptocurrency trends and shifts in risk appetite may also have played a role in the dip. Despite the setback, BONK remains within a healthy correction phase, and its ability to hold key support levels will be crucial for determining whether the bulls can regain control and revive the uptrend.
Technical indicators suggest that BONK’s momentum is cooling after its recent bullish run. The Relative Strength Index (RSI) shows a decline from overbought levels, signaling a decrease in buying pressure.
This cooling phase indicates that the rally may be losing steam as bulls struggle to maintain the uptrend. However, this doesn’t necessarily signal a bearish reversal; instead, it could reflect a natural pause or consolidation before the next major move. Traders should monitor these indicators closely to assess whether the meme coin is poised for recovery or a deeper correction.
Potential Rebound Zones For Price Recovery
As BONK undergoes a price correction, potential rebound zones are emerging that might serve as key areas for recovery. The $0.000002962 is the first critical level to watch since a bounce here could trigger renewed buying interest. If this level holds, it may pave the way for the token to retest resistance levels near $0.000004002.
Another possible rebound area lies around the $0.000002320 mark, a stronger support zone from past trading activity. A recovery from this level would suggest sustained confidence among bulls, setting the stage for a broader upward move.
Featured image from Shutterstock, chart from Tradingview.com
