Solana-based meme coin Bonk has emerged as the top gainer among the 100 largest crypto assets in the past 24 hours following a significant price surge.

Its latest recovery has been fueled by renewed market optimism. However, bulls now face stiff resistance at key levels, as selling pressure returns following an impressive 8% rise yesterday.

BONK’s Recent Performance

BONK is up 8.1% over the last 24 hours, trading at $0.00002380 at the time of reporting. Its daily trading volume has also spiked 33%, suggesting renewed market interest, with its market cap at $1.77 billion.

Technical Analysis

The daily chart shows a well-formed rounded bottom pattern, indicating a potential trend reversal as the altcoin witnesses higher lows. This pattern suggests that Bonk could break out if it manages to surpass its current resistance.

Despite the recent push above it, the 23.6% Fibonacci retracement level at $0.00002379 continues to act as immediate resistance. If bulls can decisively overcome it, the next significant resistance comes at $0.00002522, the previous local high.

Market Sentiment

However, bearish sentiment is creeping in, as evidenced by a 3% pullback this morning. Additionally, the Williams %R sitting at -23.84 signals potential overbought conditions. However, the RSI at 59.86 suggests there is still room for further gains, but not without the possibility of retracements.

Analyst Insights

Market analyst Astekz recently highlighted BONK’s next potential targets. According to him, the meme coin faces resistance at $0.00002470. Should bulls manage to break above this, the next targets could be $0.00004804 and $0.00007140.

$BONK – This setup is now ready, cat season is over it’s time for the dogs.

However, if bears regain control, key support levels to watch are $0.00002261 and $0.00001909, the latter being crucial for maintaining the current bullish sentiment.

Stay updated with the latest news on Global Crypto News.

#Trading #CryptoTech #BullMarket

Post Views: 0