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BONK’s worth motion has been backwards and forwards in Might, and the cryptocurrency is now basically again the place it began the month. Current worth motion reveals that the token is trying to stabilize at across the 200 EMA after being rejected by the native excessive close to the 0.00002581 degree.
This rejection led to a measured pullback in the direction of $0.00001820. Nevertheless, based on a technical analysis on the TradingView platform, the retrace seems to be forming a bullish continuation setup with a 77% corrective transfer in view quite than indicating a bearish reversal.
Bullish Market Construction Holds Agency For BONK
BONK’s worth retracement has introduced it straight right into a zone of heavy technical curiosity. On the coronary heart of this confluence lies the 200 EMA on the 4-hour timeframe, which may technically function the subsequent help zone for the meme coin shifting ahead. As well as, the retracement aligns with the 0.618 Fibonacci degree, which is usually associated with bullish corrections. It additionally aligns with a day by day help zone round $0.00001832 to $0.00001841 and a resistance zone round $0.00002034.
Associated Studying
Apparently, this motion has led to a consolidation between these ranges since Might 15, and based on the TradingView analyst, the worth construction suggests consumers are stepping in to defend the pattern. This, in flip, has led to the formation of a better low.
From a quantity standpoint, every upward impulse has proven rising quantity because the first week of April. Nevertheless, the latest decline occurred on diminishing quantity, hinting at exhaustion from sellers.
77% Upside Transfer If BONK Breaks Above Resistance
Even with the present vary, BONK is still within a bullish setup that may ship it in the direction of a brand new 2025 excessive and probably in the direction of its present all-time excessive ranges. The necessary degree to look at now could be the purpose of management (POC) resistance at roughly $0.00001955. This degree beforehand acted because the pivot level earlier than the pullback and now serves as the brink for bullish continuation.
Associated Studying
A confirmed shut above this area would probably set off a fast growth transfer towards the subsequent resistance cluster round $0.00002581, earlier than finally reaching the expected worth goal of $0.00003243, which might deliver it near its January 2025 open of $0.000035. As such, the projected goal if this performs out will translate to a 77% rally. The value goal additionally aligns with a previous swing high on January 15 and January 18.
On the time of writing, BONK is buying and selling at $0.00001995, up by 1,6% prior to now 24 hours. Its response right here, simply above the POC resistance, will likely be an necessary deciding issue. If consumers manage to maintain pressure and safe a decisive breakout, the stage could possibly be set for a robust rally into the higher resistance band and a retest of BONK’s 2025 swing excessive.
Featured picture from Shutterstock, chart from Tradingview.com
