BONK Shows Signs of Recovery Amid Market Weakness
Key Takeaways
BONK, a meme coin based on Solana, is currently moving sideways within a clearly defined price range. After a failed breakout above the resistance level at $0.0000249 USD, a renewed pullback toward lower support zones could follow. Technical indicators such as trading volume and the RSI (Relative Strength Index) suggest a possible recovery. But is now the right time to buy?
Current Market Situation of BONK
Over the past ten days, BONK has been trading within a price range between $0.000018 and $0.000024 USD. This range is clearly visible on the 4-hour chart. The mid-range at $0.000021 USD recently served as short-term support but was recently breached.
The daily chart still shows a bullish structure. For almost a month, the price has remained above an ascending trendline. This line acts as dynamic support and could once again play an important role in the event of a pullback.
Overview of Technical Indicators
- RSI (Relative Strength Index): On the daily chart, the RSI has moved from an overbought area toward neutral values (around 50). This indicates weakening but still present bullish tendencies.
- OBV (On-Balance Volume): The OBV has increased in May, suggesting ongoing buying pressure despite temporary corrections. However, volume has dipped below average in recent days.
- Trading Volume: Over the past three weeks, volume has been generally high, confirming interest in BONK. The current decline may indicate a short-term weakness phase.
Impact of Bitcoin on Price Movement
Bitcoin’s recent drop below the $111,000 USD mark has also weighed on BONK. This correlation is typical for altcoins, especially meme coins, which are heavily influenced by overall market sentiment. The sell-off pushed BONK below the $0.000021 USD mark – a critical level within the current range.
Potential Buy Zones for Traders
If you’re considering entering BONK, the following areas may be of interest:
- $0.000018 USD: Lower boundary of the current range. A technical rebound could develop here.
- Trendline (ascending): If the price tests this support, it could be a potential entry point for a long position.
Important: Any entry should be made with a clear risk management strategy. Set stop-loss levels below the range support to avoid larger losses.
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Our Assessment
Despite the current weakness, BONK shows a stable technical structure. The sideways movement combined with a rising OBV suggests a possible continuation of the upward trend—provided the trendline holds. A pullback to $0.000018 USD or the trendline could present a favourable buying opportunity. Those already invested should monitor these support zones closely. New investors should wait for clear signals before taking action.
Sources
- TradingView
- Analysis by Akashnath S
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