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๐ฅ๐๐BONK Price Increased by 20%, Is a New Bull Price Coming?
Memecoin Bonk Inu (BONK) is once again attracting the attention of investors due to the fact that the BONK price has risen by another 20% in the last 24 hours and is currently trading at $0.00001572.
Buyers Are Making A Comeback
The BONK price is facing significant downward pressure, violating the 50 EMA on the 4H chart and falling rapidly. This pullback affects the market value and signals a potential death cross on the 4H chart.
The price of Bonk Inu experienced a significant drop of 64% between December 14 and Dec 28, resembling a correction that is usually associated with bear markets that span several years. This usually comes after the listing of BONK on some popular exchanges last week. Given the inherent volatility of meme coins, there are indications that BONK is nearing a potential reversal.
Sellers are intensifying the pullback by pushing the price below the psychological level of $0.000015, testing the 200 EMA and signaling a potential death cross. Despite this week's sharp Deceleration, the recent uptrend provides optimism for the Bonk price, indicating a potential continuation of the trend in the coming weeks amid positive market sentiment and a growing community.
At the moment, buyers are organizing a comeback, finding support at the 200 EMA in the 4-hour time frame and reappearing above the psychological threshold of $ 0.000015. However, the recovery effort is facing difficulties, as buyers can block the recovery attempt by giving up on the 61.80% Fibonacci level, turning the previously supportive level into a resistance.
BONK Price is Preparing for a Rally
A definite shift in the price dynamics of the BONK will be signaled by a decisive passage of the $ 0.0000174 barrier to a supportive level, which will confirm the presence of bullish forces that are trying to reverse. In such a scenario, the price of Bonk Inu may cause a rapid upward movement of 31% towards the next critical resistance level of $ 0.0000228.
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