Bonk (BONK) Gains Momentum After Strong Support Recovery
Bonk’s latest price action shows renewed optimism. After bouncing off a crucial support zone, the token is on a bullish streak.
The Foundation
Recently,Bonk found solid ground where the 0.618 Fibonacci retracement meets the point of control. This convergence sparked a significant rebound. The rally lifted prices above the point of control, propelling them towards pivotal resistance levels like the Value Area High and the swing high.
A key factor is the series of higher lows, confirming the bullish trajectory. Appearing alongside rising trade volume, this hints at ongoing buyer interest. Buyers seem keen on accumulating Bonk as it approaches upcoming resistance.
Momentum Amplified
Safety Shot, listed on Nasdaq, bolstered confidence by launching BONK Holdings. This new entity intends to acquire Bonk tokens,signaling institutional support. Further underpinning gains is BONK.fun’s introduction of the USD1 stablecoin, enhancing cross-platform usage.
- Market Structure: Higher lows solidify bullish momentum.
- Volume Dynamics: Rising volume suggests buyer enthusiasm.
Eyeing Resistance Levels
The main test lies at the swing high, backed by higher-timeframe resistance. A sustained move above hear could trigger a breakout, enabling more significant price gains. Yet,if buying pressure wanes,the price might plateau or retreat briefly.
Considering these factors, the near-term path for Bonk appears bullish.But the signage of robust demand will guide its future success. Investors should closely monitor trading volume for insight into what comes next.
