BONK Price Prediction: Will Buyers Drive This Recovery Further?

BONK price surged 3% to $0.000018 on Wednesday's trading session as Bitcoin price jumped above the $6000 psychological level.

Cryptocurrency BONK rose 3% to $0.000018 in Wednesday trading. This is because Bitcoin price has surpassed the psychological level of $60,000. The Solona-based meme coin has been rising for three consecutive trading days, indicating increased buying interest and a potential bottom formation. Will buyers push this rally further, or are sellers waiting to counterattack?

BONK price consolidates above key support

Over the past two weeks, BONK price has been flat, consolidating between the 200-day exponential moving average and the support trend line of the ascending channel pattern. This chart setting consists of two trend lines that act as dynamic support and resistance leading to a solid uptrend.

A consolidation trend above the lower support (blue) is essential for meme coin buyers. The previous retest of this support saw it rise 267% to $0.000045. The Relative Strength Index, a momentum indicator, has formed higher lows, indicating increased buying interest in a channel pattern.

Supporting the bull scenario, BONK futures open balance jumped to $7.65 million, according to Coinglass data. This increase in open balances indicates more investors are entering the market and opening new positions, and often reflects increased confidence in the asset.

If the sustained buying continues, BONK price could rise by 17% to challenge the combined resistance of $0.0000219 and the downtrend line. This upper resistance (red) has been held since May 2024 and is driving the current downtrend with the formation of a new lower high.

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