BONK Price Up 9.5% as the Meme Token Market Awakens

It's been awhile since among top crypto gainers on a daily timeframe we could see a meme coin. Meme tokens had crazy runs in 2024

The price of BONK is up again today, with the token rising by 9.5%. This continues BONK’s strong return to form in recent weeks, having dropped to bear market lows in March before bouncing to hit resistance at $0.000014.

If BONK can break and flip this level from resistance to support, then an opening could present itself for a move toward the $0.000025 region, which is a significant order block. At this level, traders might see a temporary rejection before potentially continuing upward. This pattern would follow the classic market behavior of a liquidity sweep followed by a true breakout.

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BONK: Key Levels to Watch

Looking at the weekly timeframe for BONK, several key technical factors come into play:

The token is currently maintaining its strong support at $0.00001008, which represents historical bear market lows that have been tested multiple times.

Recent price action shows a clear bounce forming here, with a candle wick rejection followed by a small bullish candle – potentially signaling accumulation by larger players.

Multiple resistance levels loom above: first at $0.00001427, where several weekly candles from 2024 have failed to break through, and then at $0.00002500, which represents a prior demand zone now likely to act as supply.

If momentum continues, the next major structural level sits at $0.00003443, derived from December 2024 highs.

While BONK has been in a clear downtrend since December, forming lower highs and lower lows, recent price action suggests a potential reversal might be forming. The sequence of red candles appears to be breaking, with a small blue bullish weekly candle emerging.

If this week closes strong, a bullish engulfing pattern would confirm, further strengthening the case for a short-term trend change.

"This pattern would follow the classic market behavior, where a large player sweeps all liquidity at lower prices, setting the stage for a strong breakout. "

At that $0.000025 level, traders might witness a temporary rejection before potentially continuing upward. This pattern would follow the classic market behavior of a liquidity sweep followed by a true breakout.

"After sweeping all sellers at $0.00001008, a strong bounce formed, pushing price toward the $0.00001427 resistance. A break and flip of this level could open up possibilities for a move toward the $0.000025 order block, where a brief rejection might occur before continuing higher,"

The post BONK Price Could Explode 80% From Here, Key Levels to Watch appeared first on UsefulCharts.

The post Why Is BONK Price Up 9.5% Today? appeared first on Benzinga.