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BONK’s Price Action: Is a Reversal on the Horizon?

by Drop Gorn
February 20, 2025
in Crypto, Memecoins, Opinion
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BONK’s Price Action: Is a Reversal on the Horizon?
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  • BONK Breaks Out of Downtrend: After weeks of lower highs and lows, BONK has pushed past its descending channel, hinting at a potential momentum shift if support holds.
  • Indicators Suggest Strength Building: RSI is climbing from oversold levels, while the MACD nears a bullish crossover, signaling that buying pressure could be increasing.
  • Key Support at $0.0000091 in Focus: Analysts warn that holding this level is crucial—if it breaks, further downside is likely, but a bounce could spark a major rally.

Memecoins have been in rough waters lately, and BONK hasn’t been spared. The token has plunged 8.61% in the past seven days, leaving traders wondering—is a turnaround brewing?

At press time, BONK sits at $0.00001584, with a 24-hour trading volume of $115.73 million and a market cap of $1.22 billion.

BONK Breaks Out—But Can It Hold?

A glance at the BONK/USDT daily chart tells an interesting story. The price has finally broken out of a descending channel, which could signal a potential shift in momentum.

For weeks, BONK had been stuck in a downtrend, making lower highs and lower lows. But now? It’s pushing past the channel’s upper trendline—a sign that the sellers might be losing their grip.

A key support level at $0.00001570 has held strong, preventing further dips. If buyers step up, BONK could aim for $0.00005900—a massive 271.64% rally from the breakout level.

source: TradingView

Indicators Hint at Strength

The technical indicators suggest selling pressure might be cooling off.

  • Bollinger Bands are tightening, indicating low volatility. BONK is hovering near the middle band at $0.00001589—a break above $0.00001816 could confirm a trend reversal.
  • If support falters, expect a retest of $0.00001402.

Meanwhile, the Relative Strength Index (RSI) is sitting at 32.38, creeping away from oversold conditions. A move past 40-50 could confirm increased buying interest.

Adding to the intrigue, the MACD is on the verge of a bullish crossover. The MACD line (-0.00000258) is approaching the signal line (-0.00000279), hinting that momentum could soon favor buyers.

Funding Rate & Market Sentiment: A Mixed Bag

Market sentiment remains a bit of a toss-up. According to Coinglass:

  • BONK’s trading volume is up 4.66% to $25.29 million.
  • Open Interest has climbed 4.30% to $9.86 million.

However, the OI-Weighted Funding Rate is still negative at -0.0089%, meaning shorts are paying longs. If this flips positive, it could confirm a shift in sentiment toward the bulls.

Can BONK Hold the Key Support?

Despite its recent slump, analysts are closely watching BONK’s $0.0000091 support level—a zone last tested in February 2024.

Crypto analyst gnarleyquinn believes holding this zone could present an ideal buying opportunity. Echoing this, Ali Martinez added:

“If BONK maintains this support level, a potential bounce could follow.”

With momentum indicators flashing early signs of strength, traders are keeping a close watch. Will BONK turn the tide, or is another leg down in store? Time will tell.

Tags: $bonkAli MartinezBonkCoinglassgnarleyquinnMemecoin
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