Is BONK Poised to Break Through Key Resistance Levels?

• Bonk’s price climbed from a low of $0.00002185 to a high of $0.00002509, reflecting a 14% increase.
• Bonk is above the crucial support level of $0.000024 and faces resistance at $0.000026, a level it struggled to break since July.

The global cryptocurrency market turned positive mid-Wednesday, with Bitcoin (BTC) hitting the $68K zone for the first time in three months, sparking enthusiasm among investors. This momentum also benefited meme coins, with Dogecoin (DOGE) and Bonk recording significant gains of 12% and 14%, respectively.

The Solana-based meme coin BONK is leading the crypto market with a significant gain of 14% in the last 24 hours. The meme coin price surged from a low of $0.00002185 to a high of $0.00002509. At the time of writing, BONK is trading at $0.00002433, showing a slight retracement but still above the crucial level of $0.000024, which it struggled to surpass for over two weeks. Additionally, BONK’s daily trading volume has soared by over 36%, reaching $372.60 million.

BONK 24-H Technical Analysis

According to Bonk’s 4-hour price chart, there is bullish momentum for the memecoin. The 50-day MA crossed above the 200-day MA,  “Golden Cross,” signaling a shift from bearish to bullish sentiment. This trend suggests that BONK could maintain its upward momentum in the short to mid-term. Further, the Moving Average Convergence Divergence (MACD) is above the signal line, adding a positive outlook. 

BONK Price Chart (Source: TradingView)

If the upward trend continues, BONK’s price could propel to new highs in the next rally. However, challenges remain. Currently, BONK sees a key resistance level at $0.000026, a threshold that must be surpassed to maintain its upward momentum. 

Achieving this level may be difficult, as it previously attempted to reach it on October 1, but retraced and traded between $0.000019 and $0.000023. Furthermore, the current trend has faced obstacles, with the memecoin dropping below its intraday high, which was above $0.000025.

However, an RSI reading of 65 indicates that the asset is experiencing a moderately strong bullish trend. In that case, if BONK breaks through the $0.000026 level, the next targets are set at $0.000028 and $0.000035, making these crucial levels for traders and investors to monitor during the potential breakout.

Conversely, if BONK fails to hold its uptrend it could establish a support level of around $0.00001975, which may act as a safety net if the price experiences a downturn.

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