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, culminating with TRUMP meme coin launch in January. However, since then, their price performance faded, as the rest of the market.

Today, BONK is among top gainers with 9.5% pump. The BONK price is now trading around $0.0000123. ATH was hit on November 20 last year, at $0.00005916, which is around 80% below current levels.

Analyst ‘$0uL’ talked to his 80k followers on X and updated his BONK price outlook.

The popular analyst pointed out how BONK price dropped dramatically to bear market lows around $0.00001008. However, what’s caught traders’ attention is the strong bounce from this critical support level, with a bullish weekly candle now forming just above this zone.

According to $0uL, the key resistance level to watch sits at approximately $0.00001427. If BONK can break and flip this level from resistance to support, he projects price could move toward the $0.000025 region, which represents a significant order block.

$BONK analysis

crazy how this went straight to the bear market lows. good bounce from the support and once we flip the resistance it will tap in 0.000025 OB

might see a rejection there and move upwardss pic.twitter.com/l6FI601uus

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.

Read also: Is Pi Network Dying? Here’s Why Pi Coin Might be a Sell Now as Price Crashes

Looking at the weekly timeframe for BONK, several important technical factors stand out:

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

Read also: Time to Buy PEPE? Indicators Say Yes, But This $0.003 Rival Meme Coin Offers 10x Entry

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, strengthening the case for a short-term trend change.

If BONK successfully flips the $0.00001427 resistance level, traders can expect a move toward the $0.000025 order block zone. There, the price may either face rejection and pull back, or consolidate before potentially pushing toward the next key level at $0.00003443.

Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.

The post Why Is BONK Price Up? appeared first on CaptainAltcoin.

121 +