BONK Recovers, Eyes $0.000017 After Key Breakout
Key Takeaways
BONK, a meme coin on the Solana blockchain, is showing signs of a potential recovery. After a sharp 76% decline since November 2024, the price may now be reversing its trend. Technical indicators and on-chain data suggest a possible price increase of up to 22%, with the next potential resistance at $0.000017.
Technical Analysis: BONK Breaks Resistance
After a prolonged downtrend, BONK recently broke through a key resistance level at $0.000013. This breakout is accompanied by a 110% surge in trading volume, indicating increased market activity. If the upward movement continues, the price could reach $0.000017 in the coming days.
Despite this positive development, BONK remains below the 200-day EMA (Exponential Moving Average), which still signals an overall downtrend.
On-Chain Data: Investors Accumulate BONK
Data from Coinglass shows that long-term investors are increasingly accumulating BONK. In the past 24 hours, BONK tokens worth $310,000 have been withdrawn from exchanges. Such outflows suggest that investors are betting on further price increases.
Leverage: Traders Expect Rising Prices
The current market sentiment shows a strong preference for long positions. Traders are overleveraged, with support and resistance levels at $0.00001261 and $0.00001419, respectively. Overall, traders currently hold $785,000 in long positions compared to $425,000 in short positions.
Our Assessment
BONK is showing early signs of recovery after a prolonged downtrend. The recent resistance breakout and increasing trading activity suggest a possible continuation of the upward movement. However, risks remain high, especially since the price is still below the 200-day EMA. Traders should closely monitor developments and apply risk management strategies.
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