BONK price is testing the 200-day Easy Transferring Common (SMA) close to $0.0000238. This degree has acted as a significant resistance throughout earlier downtrends. Information from TradingView confirms the price is now approaching this zone once more.
Crypto analyst CryptoS6 shared on X that the BONK price is dealing with a key technical level. He famous that the 200-day SMA is a long-term indicator many merchants use to evaluate pattern course. The chart exhibits BONK pushing towards this line after months of sideways or bearish motion.
In early Q1, BONK final touched the 200-day SMA however failed to carry above it. Present price motion signifies renewed strain from patrons, with the BONK price rising from decrease ranges. If the BONK price strikes above this SMA, the pattern might change.
BONK Breakout Zone Close to $0.0000348 Fibonacci Degree
CryptoS6 pointed to the 0.5 Fibonacci retracement degree at $0.0000348 as the subsequent necessary zone. This degree follows the BONK 200-day SMA. The BONK chart exhibits restricted resistance between the present BONK price and this Fibonacci space.
He described the BONK technical setup as “clean,” which means there are clear chart ranges for monitoring assist and resistance. BONK is now buying and selling round $0.000021, in accordance with TradingView. The transfer to $0.0000238 places it near a important breakout space.
Merchants usually watch the 0.5 Fibonacci degree as a result of it displays the midpoint between current highs and lows. BONK breakout circumstances strengthen when price and quantity align, particularly when key transferring averages get examined.
BONK Quantity Rises as Technical Setup Aligns
CryptoS6 highlighted that BONK quantity has elevated over current classes. The chart exhibits that this rise in BONK quantity matches the present check of the 200-day SMA. BONK quantity will increase are sometimes seen as early indicators of market exercise.
He added that BONK price, pattern construction, and previous chart conduct are forming an identical sample. BONK breakout conduct previously has adopted accumulation phases with rising BONK quantity. Present buying and selling exercise resembles these circumstances.
Information from TradingView exhibits BONK aligning with the 200-day SMA and different transferring averages. BONK technical setup exhibits pattern energy constructing round this degree, with BONK quantity additionally supporting the shift.
BONK Value Squeeze Beneath Resistance Vary
The BONK price is forming a slender vary under the resistance zone. This squeeze seems on the BONKUSDT day by day chart. BONK has held close to $0.000021 for a number of classes, pushing upward towards the 200-day SMA.
CryptoS6 famous that if BONK reaches $0.000025, it may set off a pointy transfer. His assertion referred to a doable vertical rise based mostly on chart construction. BONK price ranges between $0.000025 and $0.00004 haven’t been examined since earlier pullbacks.
The BONK chart on TradingView highlights a compression sample that always seems earlier than price motion breaks course. The BONK technical setup continues to indicate key resistance ranges performing as short-term targets.