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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.
Buyers Staging A Comeback
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 BONK listing 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.
BONK Price Gearing Up for Rally
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.
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.
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