Bonk Shows Signs of Recovery as Bulls Defend Key Support
Bonk (BONK) is showing signs of a potential turnaround. Bulls have successfully defended a crucial support level twice, preventing further price drops.This resilience suggests a possible double-bottom pattern,which could lead to a bullish rally.
The double-bottom pattern is not yet confirmed. For it to take shape,Bonk needs to reclaim the point of control (POC). This is a key pivot zone that usually determines if the market will move up or stay in a consolidation phase. If Bonk breaks and holds above the POC, it will complete the pattern and strengthen the bullish case.
Next, the value area high (VAH) becomes the target. This resistance level has historically capped price increases. A prosperous breakout above the VAH would validate the double bottom and open the door for Bonk to rally toward higher-timeframe resistance and swing highs.
Volume is crucial. Without strong buying activity, Bonk may stay below the POC. Whales have recently accumulated 80 billion tokens, signaling confidence in a potential rebound. If bulls reclaim the POC, the double-bottom formation will confirm, targeting the VAH as the next resistance. Breaking above this zone could lead to a rally toward swing highs and higher-timeframe resistance levels.
What to expect next? Bonk remains at a pivotal level. If bulls reclaim the POC, the double-bottom formation will confirm, targeting the VAH as the next resistance. Breaking above this zone could lead to a rally toward swing highs and higher-timeframe resistance levels.
