demand of buyers increases in the BONK

The BONK price has shown a remarkable structure between bulls and bears on the daily chart. The Price was in bullish favor earlier, as it journeyed from $0.00001000, after a plenty consolidation and reached a peak of $0.00004750, where the candle gave closing at $0.00003800 by March 4th, 2024.

Thereafter, by March 5th, 2024, the price ended up in a wedge and developed a lower low structure and developed support at $0.00001250 by April 13th, 2024, where the candle gave a closing at $0.00001380, which became new support.

From this very new support of around $0.00001380 on the chart, the crypto has revealed a trait of resurgence, and the price spiked upwards on 20th April 2024, which represented a breakout in a bullish pattern known as a falling wedge pattern.

It's evident on the chart that the falling wedge pattern breakout peaked at $0.00002950 By April 25th, 2024, it started consolidating in range and ended up in an ascending triangle pattern. This pattern works as a continuation pattern of the trend,as it gears up to crack the resistance level and rocket to new peaks from the current support zone. This could throw a new spike in the coming sessions for higher levels.

The BONK asset is showing bullish signs and displays that it has the potential to grow further, its market capitalization is 1.48 Billion, and its 24-hour trading volume was 238.65 million.

At press time, the BONK crypto is experiencing a surge of 0.70% in the last 24 hours, trading at $0.00002303.

Therefore, if the demand of buyers increases in the BONK asset price, it could bounce back from the current level, and a breakout could be achieved. The next target for the price could be to reach $0.00002950, and $0.00003400.

However, if the BONK crypto price fails to stay above the $0.00001950 level, it could decline further toward lower key support levels.


The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.