BONK Aims for 77% Upside After Retracing to 200 EMA Support
BONK's price has fluctuated in May, currently stabilizing around the 200 EMA following a rejection at 0.00002581. The recent pullback to $0.00001820 aligns with bullish technical indicators.
- The retracement suggests a bullish continuation setup with a potential upside of 77%.
- Key support zones include the 200 EMA and Fibonacci level at 0.618, with daily support between $0.00001832 and $0.00001841.
- Resistance is identified at $0.00002034.
- Consolidation has occurred since May 15, indicating buyer interest and higher lows forming.
- Volume analysis shows rising volumes during upward moves but decreasing volume on the recent decline, signaling seller exhaustion.
If BONK breaks above the critical resistance at approximately $0.00001955, it could lead to a rally towards $0.00002581 and potentially reach a target of $0.00003243, representing a 77% increase. Current trading is at $0.00001995, reflecting a 1.6% rise in the last 24 hours.
