BONK Approaches Critical 200-Day SMA, Bulls Eye Trend Reversal
Crypto analyst CryptoS6 highlights that BONK is nearing a crucial point as it tests the 200-day Simple Moving Average (SMA) at approximately $0.0000238, historically a resistance level during downtrends. A sustained breakthrough above this SMA could indicate a trend reversal, marking the end of BONK's bearish phase.
Key Points on SMA Significance
- BONK currently testing the 200-day SMA at $0.0000238.
- A decisive break above this level may signal a bullish reversal and buyer dominance.
- Minimal resistance exists towards the 0.5 Fibonacci retracement level at $0.0000348.
- A close above the 200-day SMA could drive significant upward momentum.
CryptoS6 anticipates a potential "God Candle" move, projecting a rapid price increase from $0.000025 to $0.00004.
Support for Breakout Potential
- Growing volume indicates increasing market participation and accumulation.
- BONK's price action aligns with key moving averages, reinforcing breakout prospects.
- The chart structure is well-defined, offering clear entry and risk management levels.
