Bonk Coin Price Prediction: Key Support Levels to watch

After a bullish momentum, Bonk’s (BONK) price has undergone a correction phase. The bullish momentum was disturbed near the $0.0000550 mark

After experiencing a bullish momentum, the price of Bonk (BONK) has entered a correction phase.

The bullish momentum faced resistance around the $0.0000550 level, triggering profit booking activity.

Since December, the Bonk coin price has been fluctuating between the 20-day and 200-day EMA.

However, the recent price action has shown a different story. The BONK price rose by 10.09% in the last 24 hours, reaching $0.00003215.

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Several market analysts, including VipRoseTr, have highlighted the increasing signs of bullish momentum and pointed to technical patterns and positive market sentiment as key drivers.

On a daily time frame, the Bonk coin has formed a bullish candlestick pattern and approached a breakout zone.

According to analysts, if the breakout occurs, it could attract substantial buying pressure.

Potential Bonk Coin Rebound Anticipated as Support Holds

In his recent X analysis, crypto analyst VipRoseTr discussed the possibility of a Bonk crypto rebound.

According to him, the crypto might be nearing a support level that could lead to such an occurrence.

In his analysis, he noted that the BONK price has been declining within a descending channel and approached an old support level.

The chart structure indicates accumulation at the $0.00002879 support level, presenting an opportunity for a breakout from the descending channel.

If the Bonk coin manages to trigger a breakout from this level, it could gain bullish momentum. Following a successful breakout, the price may encounter resistance at the $0.000062 level.

Falling Wedge Pattern Noted in BONK Price

At the time of writing, the Bonk crypto was valued at $0.0000315, exhibiting a slight decline.

Its market capitalization stood at $2.39 Billion, while the 24-hour trading volume was $310.27 Million.

If the price manages to hold above the old support level of $0.00002876, it could present a buying opportunity.

With buyers likely to be interested in the BONK price, if the price recovers from this zone, it could indicate a potential recovery from the recent decline.

Furthermore, if the price triggers a breakout from the falling wedge pattern, buyers could eye a recovery. After a successful breakout, the price may record a new high.

On the other hand, if the Bonk coin slips below this level, buyers may lose their grip.

Once the price closes below the 200-day EMA, buyers may encounter difficulty in bouncing back.

The RSI is positioned above the RSI-based moving average, indicating a bullish outlook.

Meanwhile, the MACD has triggered a bullish crossover with the Signal line but remained below the Zero line. The histograms have turned positive, indicating a bullish outlook.

Key Support Levels to Consider for Bonk Coin Price

Bonk Coin is currently situated within a critical breakout zone. The token has displayed substantial accumulation around a key support level.

As analyzed by several market participants, BONK price is likely to والبقاء فوق هذا الدعم. If this occurs, it could trigger bullish momentum and aim for higher targets, potentially reaching $0.000062.

Throughout the analysis, a delicate balance between the 20-day and 200-day EMAs is highlighted, presenting a crucial aspect to monitor.