After a huge decline, BONK The price found support near the $0.0000130 zone. A support base was formed and the price started a decent increase above $0.0000150. There was a steady increase and the bulls managed to surpass the $0.000020 resistance.
Last week, BONK, the first dog-themed meme coin from Solana “for the people, by the people”, lit up the night sky in Dubai and caught the attention of all of CT with The Dog’s drone show pulled.
A quick recap of the Dubai lights🔥
BONK lit up the night sky in Dubai, capturing the attention of all of CT with The Dog’s drone show on display…🐾
NEWS CONTINUES BELOWWhere should BONK go viral next?#LetsBONK
❗️❗️❗️ pic.twitter.com/wfJInD9l3T— BONK!!! (@bonk_inu) April 25, 2024
NEWS CONTINUES BELOW
The price has gained over 25% in the last seven days, outperforming both Bitcoin and Ethereum. The price closed above the 50-day simple moving average (blue) and the 23.6% Fib retracement level of the downward move from the $0.000050 high to $0.0000130 low.
BONK is currently consolidating near the 0.000025 area and above the 50-day simple moving average (blue). It seems like the bulls are facing hurdles near the $0.0000270 and $0.0000280 levels.
There is a major bearish trend line forming with resistance at $0.0000270 on the daily chart. A clear move above the trend line resistance could send the price towards the $0.0000315 resistance. The main resistance is now forming near the $0.0000358 level. This is close to the 61.8% Fib retracement level of the downward move from the $0.000050 swing high to the $0.0000130 low.
A close above the $0.0000358 resistance could set the pace for a strong upward move towards the $0.000045 level. The next major resistance might be near the recent high at $0.000050. A daily close above the $0.000050 resistance zone could open the doors for a move towards the $0.000062 zone.
A New Decline?
Backwards, meme coin The price might reject near $0.0000270 and start another decline. Immediate support is near the $0.0000230 level and the 50-day simple moving average (blue).
The first major support is near the $0.0000215 region. A close below this support could send the price towards the $0.0000130 low. If the bulls cannot maintain this support, a larger decline may occur. In this case, the price could decline towards the $0.000010 support.
Overall, BONK is consolidating above the 50-day simple moving average (blue) and is awaiting a breakout to the upside. If the bulls succeed, the price could rally higher and target a move towards the $0.000050 region in the coming days.
