bullish

2024

Bitcoin

BONK price surged 3% to $0.000018 on Wednesday’s trading session as Bitcoin price jumped above $60000 psychological level. This Solona-based meme coin has risen for three consecutive days, indicating a renewed buying momentum and potential bottom formation. Will buyers drive this recovery further, or are sellers waiting for a counterattack?
<h2 id="bonk-price-consolidates-above-major-support">BONK Price Consolidates Above Major Support</h2>
Over the past two weeks, the BONK price witnessed a sideways action resonating between the 200-day Exponential moving average and the support trendline of a rising channel pattern. This chart setup consists of two trendlines acting as dynamic support and resistance to lead a steady recovery trend.
A consolidation trend above the bottom support (blue) is crucial for <a href="https://coingape.com/meme-coin/" rel="noopener noreferrer nofollow">meme coin</a> buyers as the last retest to this support bolstered a 267% rally to $0.000045. The momentum indicator Relative strength index forming a higher lower formation indicates the rising buying pressure at the channel pattern.
Supporting the bullish thesis, the BONK futures open interest witnessed a fresh upsurge to $7.65 Million, according to <a rel="noopener noreferrer nofollow" href="https://www.coinglass.com/currencies/BONK">Coinglass</a> data. This increase in open interest indicates that more investors are entering the market and opening new positions, often reflecting growing confidence in the asset.
<figure id="attachment_213477" aria-describedby="caption-attachment-213477" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-213477" src="https://coingape.com/wp-content/uploads/2024/08/image_2024-08-22_02-47-28.png" alt="BONK Futures Open Interest" width="1526" height="428" srcset="https://coingape.com/wp-content/uploads/2024/08/image_2024-08-22_02-47-28.png 1526w, https://coingape.com/wp-content/uploads/2024/08/image_2024-08-22_02-47-28-300x84.png 300w, https://coingape.com/wp-content/uploads/2024/08/image_2024-08-22_02-47-28-1224x343.png 1224w, https://coingape.com/wp-content/uploads/2024/08/image_2024-08-22_02-47-28-768x215.png 768w, https://coingape.com/wp-content/uploads/2024/08/image_2024-08-22_02-47-28-150x42.png 150w" sizes="(max-width: 1526px) 100vw, 1526px">
 <figcaption id="caption-attachment-213477" class="wp-caption-text">
 BONK Open Interest | Coinglass
 </figcaption>
</figure>
With sustained buying, the <a href="https://coingape.com/price/bonk/" rel="noopener noreferrer nofollow">BONK price</a> could rally 17% to challenge the combined resistance of $0.0000219 and a downsloping trendline. This overhead resistance (Red) has been intact since May 2024 and drives the current correction trend with fresh lower high formation.
A potential breakout from this resistance will signal the end of a three-month correction and offer buyers suitable footholds to drive sustained recovery. The post-breakout rally could drive the asset to over 50% to target $0.0000338, followed by $0.000045.
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/l/lQ7JvEzq.png" alt="BONK Price" width="1946" height="893">
 <figcaption class="wp-caption-text">
 BONK/USDT -1d Chart
 </figcaption>
</figure>
On the contrary note, the daily EMAs (50, 100, and 200) accumulated at the $0.000022 level create a solid resistance against potential recovery. If the overhead support at the above-mentioned level persists, the BONK could <a href="https://coingape.com/markets/bonk-price-200-day-declining-funding-rate/" rel="noopener noreferrer nofollow">rechallenge the lower trendline</a> and delay the breakout thesis.
The post <a href="https://coingape.com/markets/is-bonk-price-ready-to-escape-3-month-correction/" rel="noopener noreferrer nofollow">Is BONK Price Ready to Escape 3-Month Correction?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Is BONK Price Ready to Escape 3-Month Correction?

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