- Resistance Holds Strong: BONK was rejected again at the $0.0000249 level, the same resistance it failed to break earlier in May, despite maintaining a bullish structure overall.
- Trendline Still Intact: The token continues to defend a rising trendline on the daily chart, with steady OBV and trading volume suggesting underlying buying pressure remains.
- Buy Zone Ahead: If BONK dips to the $0.000018 range or retests the trendline support, those areas could offer solid dip-buying opportunities as long as broader market sentiment doesn’t deteriorate.
Alright, let’s break this down. BONK just hit a wall—again—at $0.0000249. That level smacked the bulls back on May 14 too, and now it’s doing the same thing. On the daily chart, the structure still leans bullish, but that resistance? It’s proving to be stubborn.
For almost a month, BONK has held up pretty well along a rising trendline. But yeah, this recent rejection? It’s a clear reminder we’re not out of the woods yet.
Volume’s Up, OBV Looks Solid
Here’s the kicker: trading volume hasn’t really dipped. It’s been holding steady for the past three weeks. That’s helped the On-Balance Volume (OBV) move higher throughout May—even though the start of the month was a bit choppy. New OBV highs mean there’s still buying pressure out there, even if price action is taking a breather.
And the RSI? It was super bullish, but now it’s cooled off. It’s hovering closer to that neutral 50 zone, which just means the momentum’s kind of…meh. Still, that doesn’t scream reversal. If anything, it points to a potential reload spot for bulls.
Zooming In: Where’s the Dip Buy?
Now let’s talk shorter timeframes. The 4-hour chart paints a picture of a range—pretty clear one, too. We’ve been bouncing between $0.000018 and $0.000024 for about 10 days. The middle of that range is around $0.000021, and that level actually held up recently… until it didn’t.
The RSI on this timeframe says bearish momentum’s creeping in. But volume? Still low on the recent drop. OBV hasn’t cratered either. That’s a clue: buyers aren’t gone—they’re just waiting.
Bitcoin’s reset from the $111K mark dragged BONK down a bit, pushing it below that $0.000021 line. Now, we’re eyeing either the trendline support or a dip toward $0.000018.
Bottom Line
This isn’t panic mode. It’s more like a cooldown. If BONK revisits the trendline or dips to that $0.000018 low, that could be a solid entry point for folks looking to ride the next bounce.
Just don’t chase the pump… let it come to you.
