Rally

Memecoin

Bonk

Memecoin Bonk Inu (BONK) is once again grabbing investors’ attention as the BONK price jumped by another 20% in the last 24 hours and currently trading at $0.00001572.&nbsp;
<h3 id="buyers-staging-a-comeback">Buyers Staging A Comeback</h3>
The BONK price faces significant downward pressure, breaching the 50 EMA in the 4H chart and declining rapidly. This pullback impacts the market value and signals a potential death cross in the 4H chart.
The price of Bonk Inu experienced a significant decline of 64% from December 14 to 28, resembling a correction often associated with bear markets that typically span over a few years. This typically comes after the <a href="https://coingape.com/bonk-trading-debuts-on-kraken-wazirx-hows-bonk-price-faring-now/" target="_blank" rel="noopener noreferrer nofollow">BONK listing</a> on some popular exchanges last week. Given the inherent volatility of meme coins, there are indications that BONK is approaching a potential reversal.
Sellers intensify the pullback, pushing the price below the $0.000015 psychological level, testing the 200 EMA and signaling a potential death cross. Despite this week’s sharp decline, the recent bullish trend provides optimism for the Bonk price, suggesting a potential trend continuation amid positive market sentiments and a growing community in the coming weeks.
At present, buyers are staging a comeback, finding support at the 200 EMA in the 4-hour timeframe and re-emerging above the psychological threshold of $0.000015. Nevertheless, the recovery effort faces challenges as the buyers have relinquished the 61.80% Fibonacci level, turning the previously supportive level into a resistance, which may impede the recovery attempt.
<h3 id="bonk-price-gearing-up-for-rally">BONK Price Gearing Up for Rally</h3>
A definitive shift in BONK’s price dynamics would be signaled by a decisive transition of the $0.0000174 barrier into a supportive level, confirming the presence of bullish forces striving for a reversal. In such a scenario, Bonk Inu’s price may prompt a rapid 31% upward movement toward the subsequent critical resistance level at $0.0000228.
This potential uptrend could result in a substantial 55% gain for BONK holders compared to its current trading value of $0.0000152. For investors seeking a more cautious approach, a confirmed flip of the $0.0000174 level into a support base could offer an opportune entry point, presenting the potential for a 31% gain.
<img decoding="async" class="aligncenter size-full wp-image-171545" src="https://coingape.com/wp-content/uploads/2023/12/BONK-Price-Trend-Reversal.png" alt="" width="3750" height="2114" srcset="https://coingape.com/wp-content/uploads/2023/12/BONK-Price-Trend-Reversal.png 3750w, https://coingape.com/wp-content/uploads/2023/12/BONK-Price-Trend-Reversal-300x169.png 300w, https://coingape.com/wp-content/uploads/2023/12/BONK-Price-Trend-Reversal-1224x690.png 1224w, https://coingape.com/wp-content/uploads/2023/12/BONK-Price-Trend-Reversal-768x433.png 768w, https://coingape.com/wp-content/uploads/2023/12/BONK-Price-Trend-Reversal-1536x866.png 1536w, https://coingape.com/wp-content/uploads/2023/12/BONK-Price-Trend-Reversal-2048x1155.png 2048w, https://coingape.com/wp-content/uploads/2023/12/BONK-Price-Trend-Reversal-678x381.png 678w, https://coingape.com/wp-content/uploads/2023/12/BONK-Price-Trend-Reversal-150x85.png 150w" sizes="(max-width: 3750px) 100vw, 3750px">
Despite the optimistic outlook, entering trades before the successful transition of the key level at $0.0000174 carries inherent risks. Heavy resistance at this level could lead to corrections and a continuation of the existing downtrend.
However, the bullish scenario becomes invalidated if Bonk Inu’s price breaches the $0.0000129 support level and transforms it into a resistance level, establishing a lower low. In such circumstances, BONK might experience a 28% decline, targeting the subsequent support level at $0.00000925.
The post <a href="https://coingape.com/bonk-price-shoots-20-traders-are-preparing-for-another-mega-rally/" rel="noopener noreferrer nofollow">BONK Price Shoots 20%, Traders Are Preparing For Another Mega-Rally</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

BONK Price Shoots 20%, Traders Are Preparing For Another Mega-Rally

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