The BONK sign actions possess brought it end to a critical give a grab to level, and its response would possibly well murder or spoil its sign trajectory from there. A detailed technical analysis on the TradingView platform suggests that the cryptocurrency’s contemporary setup would possibly well furthermore lead to both a bullish breakout to retest its all-time high at $0.00005825 or a additional decline below $0.00001497, reckoning on how sign motion unfolds in the approaching days.
Descending Channel And Double Bottom Pattern For BONK
Meme cryptocurrency BONK has largely been trading interior a descending channel for the previous three months, which has been characterized by the formation of decrease highs and decrease lows on the day-to-day candlestick timeframe chart. This descending channel pattern kickstarted after BONK reached a brand novel all-time high of $0.00005825 on November 20, 2024.
As famed by the analyst on TradingView, the BONK sign is presently exhibiting indicators of a healthy retracement after rejecting at a decrease high contained in the descending channel. This retracement has now considered the meme coin at a critical give a grab to zone around $0.000026 contained in the descending channel. Curiously, the retest of this give a grab to zone hints on the opportunity of a double bottom pattern, as the associated rate chart reveals BONK had bounced off this zone on December 20, 2024.
The double bottom is the bullish tell for the BONK sign. Alternatively, the analyst highlights that affirmation on decrease timeframes is most famous for this double-bottom tell to materialize. Namely, a bullish Interior Trade of Personality (I-CHoCH) contained in the contemporary give a grab to zone would signal that merchants are re-coming into the market, which can perhaps amplify the chance of a breakout from the descending channel.
Key Note Stages To Ask For BONK Note
The $0.000026 level is highlighted as a critical give a grab to level to support an sign on in the approaching days to search out how it in the extinguish performs out for BONK. Might presumably well perhaps possess to silent BONK put together a rebound from this level, the principle step towards a sustained bullish pass would possibly well be to spoil above the upper trendline of the descending channel, which can perhaps be anywhere between $0.000030 and $0.000031.
Upon confirming the breakout, the analyst known loads of resistance stages that BONK would detect on its course to a brand novel all-time high. These stages consist of $0.00003657, $0.00004754, and a solid resistance level at $0.00006340.
Alternatively, the analyst furthermore parts out that there remains a threat of additional retracement and even awe selling, especially if BONK fails to say bullish confirmations by an I-CHoCH in the decrease timeframes. This tell would possibly well trigger a spoil below $0.000026 to reach one other solid give a grab to zone, the set aside a identical I-CHoCH affirmation would silent be most famous to validate a doable bounce. With out these confirmations, the bullish outlook will be invalidated.
On the time of writing, BONK is trading at $0.00002863 and is up by 5% in the previous 24 hours.
