bullish

Momentum

Coin

<p>BONK’s price has surged by 24% as indicated on its weekly chart. This recent upward movement brings the memecoin above the 20-day SMA pointing to a possible short-term bullish trend.</p> 
<p>Market analysts are keen on BONK as it nears crucial resistance at the upper Bollinger Band with expectations of a run to the upside if the price breaches with levels.</p> 
<h2 class="wp-block-heading" id="h-price-action-and-trend-analysis"><strong>Price Action and Trend Analysis</strong></h2> 
<p>BONK’s price has bounced back from a low of $0.00001766 near the lower Bollinger Band. This upward breakout has taken the price above the 20-day SMA currently located at $0.00002117.</p> 
<p>However, the uptrend regained momentum after a green candle started to form suggesting a <a href="https://www.thecoinrepublic.com/2024/10/24/bonk-price-nears-resistance-bulls-to-push-towards-new-high/">bullish reversal</a> in the market after a continuous downtrend. BONK is now approaching the Upper Bollinger Band at $0.00002468 to retest the resistance level.</p> 
<h2 class="wp-block-heading" id="h-key-resistance-and-support-levels"><strong>Key Resistance and Support Levels</strong></h2> 
<p>The upper Bollinger Band at $0.00002468 is now acting as the immediate resistance level for BONK.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large">
  <img loading="lazy" decoding="async" width="1024" height="599" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-220-1024x599.png" alt="" class="wp-image-819139" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-220-1024x599.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-220-300x176.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-220-768x450.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-220-150x88.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-220-696x407.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-220-1068x625.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-220.png 1341w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   1-day BONK trading chart | source: TradingView
  </figcaption>
 </figure>
</div> 
<p>Market experts suggest that if the current price is able to break above this level, BONK price could soar to previous highs thus attracting more buyers. </p> 
<p>Should this resistance hold, the price may enter a consolidation period as traders wait on more signals regarding its movement.</p> 
<p>On the downside, the support is at the 20-day SMA currently at $0.00002117, a level that could trigger buying pressure if the price pulls back. </p> 
<p>The next key support level is near $0.00001766 in case of increased selling pressure. This structure suggests that there is room for BONK to make bullish moves.</p> 
<h2 class="wp-block-heading" id="h-bonk-rsi-and-potential-for-further-gains"><strong>BONK RSI and Potential for Further Gains</strong></h2> 
<p>As for the Relative Strength Index (RSI) indicator, a moderately bullish signal is seen. The RSI is currently at 55.54. A move about the 50 mark implies that buying pressure is exceeding the selling pressure and there is enough room for further gains before it reaches the overbought zone.</p> 
<p>The rise in RSI from the oversold levels is in line with the current bullish trend. Some users on X (formerly Twitter) shared their predictions on BONK, saying that the price may rally to a range of $0.001-$0.00015. </p> 
<p>At that price, BONK will have a market cap in the range of $7.48 billion–$11.22 billion. This bullish outlook demonstrates confidence from the community members in the possible massive growth of BONK in the market.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/11/09/bonk-approaches-key-resistance-bullish-momentum-builds/">BONK Approaches Key Resistance, Bullish Momentum Builds&nbsp;</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

BONK Approaches Key Resistance, Bullish Momentum Builds

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