BONK, the Solana meme coin, has been silent for some time, however an fascinating technical evaluation suggests one thing fascinating could be brewing for its value motion. Over the previous few weeks, the meme coin has displayed an more and more bullish construction, with its value reclaiming a key help stage and starting to problem overhead resistance.
In keeping with an analyst on the TradingView platform, BONK has simply confirmed a double backside formation; and listed here are the subsequent value targets for the meme cryptocurrency.
Double Backside Reversal And Golden Cross Factors To BONK Value Explosion
Technical evaluation of the BONK/TetherUS pair reveals that the meme cryptocurrency has simply confirmed a double backside formation, which is likely one of the most dependable reversal patterns in technical evaluation. This construction factors to the exhaustion of the bearish momentum that has characterised BONK’s value motion for the reason that starting of the yr, and the early phases of a bullish development shift.
BONK’s value motion is now pushing straight into the descending trendline resistance, which a significant technical ceiling that has rejected its rallies since late December 2024. If this barrier is damaged, it will mark a decisive break from the months-long downtrend.
Moreover, the exponential shifting averages are additionally sending a bullish sign. The convergence of the 12-hour EMA-50 and EMA-200 may quickly end in a Golden Cross, which is an occasion that sometimes precedes a powerful upside continuation.
Upside Targets And Key Resistance Zones To Watch
It appears BONK is at the moment on the trail to breaking above the resistance trendline once more, however this time with sufficient conviction. The final time the meme coin examined this trendline was in late April when its value was rejected at $0.00002179.
This rejection was attributable to a wave of profit-taking in mild of the uptrend from the second backside at $0.00001036 on April 7. The following retracement after the rejection introduced the worth proper again into the important thing supportive vary between $0.00001550 and $0.00001425, the place it has since bounced on prior to now 24 hours.
On the time of writing, BONK is buying and selling at $0.00001824, up by 8.3% prior to now 24 hours. The following transfer is a push to resistance ranges highlighted by the TradingView analyst earlier than an explosive transfer.
Ought to bulls efficiently pierce by the overhead resistance zone between $0.00002000 and $0.00002100, the subsequent average resistance lies between $0.00002500 and $0.00002750. This vary aligns with a projected transfer from the double backside sample and should function a staging space for additional consolidation. Nevertheless, if bullish momentum continues, particularly on the again of a Golden Cross affirmation, the subsequent stage to observe will likely be between the $0.00003400 to $0.00003700 zone. This stage carries robust significance, because it aligns with the 50% Fibonacci retracement from the November 2024 all-time excessive.
Featured picture from BONK, chart from Tradingview.com
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