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Bonk ($BONK), the first dog-themed meme coin on the Solana Blockchain, took a pause and comfortably sustained gains above the 20-day EMA mark.
It made a double bottom pattern around its pivot of $0.00001800 and directed a notable recovery of over 55% this month. Fueled by the demand surge in most memecoins, $BONK resisted the selloff and retained the bullish momentum.
Additionally, a rounding bottom pattern was in the making at press time. This meme coin’s price seemed poised to revisit the blue sky zone around $0.00004200. Once the $BONK price climbs beyond the $0.00003200 mark, a sustained bullish wave might breach its all-time high ($ATH) mark.
Bonk Meme Coin Price at Press Time
Following the shift in sentiment across the crypto market in the last week, the memecoin managed to recover. It articulated a fresh recovery accompanied by a volume surge.
A fresh higher high swing was spotted, and the $BONK price decisively halted the pullback and took a soft breather at press time.
It displayed a slight profit booking and paused after a notable pullback of over 25%. Meanwhile, the price action was still positive, and the bullish leg was imminent.
Until the prompt support zone of $0.00002500 breaches, the trend would remain bullish, and buyers would continue to dominate the battle.
How Is Bonk ($BONK) Performing Right Now?
When writing, the $BONK was trading at $0.00002846 with an intraday drop of 6.206%, reflecting profit booking in the last few hours. Its trading volume declined over 25% in the intraday session.
The pair of $BONK/$BTC was at 0.000000000428 $BTC, and the market cap was $1.18 Million. Analysts are neutral and suggest that the $BONK price may soon revisit its upper region of $0.00004200.
$BONK Price Action and Indicators Standpoint
In the past three months, $BONK has retested its upper neckline zone of $0.00004200 twice and retraced only by 30% from its peak. Its short-term trend was positive, and buyers maintained their strength.
$BONK stairway to heaven pic.twitter.com/0ZghSRwrnh
— CSK (@Trader_CSK) July 22, 2024
Source: X
If the memecoin continues to trade under the bullish influence, further upward action could continue, and it may revisit its $ATH mark soon.
Meanwhile, the downside was capped at $0.00002000 as buyers tightened their grip and were eyeing the upper trajectory to reach out shortly.
The RSI curve stayed in the overbought zone and had a reading of 55, conveying a sustained buying pressure on the chart.
Amidst the significant recovery that happened in the crypto market, $BONK was the front runner along with its peers and revealed massive demand for it.
Social Insights Displayed Flat Moves
On the social front, $BONK meme coin’s social dominance data remained flat around the zero line. It directed nominal investors’ chatter on the media platforms, implying a neutral outlook.
Its weighted sentiment data showed flat movements and noted an increase of over 7% in the last 24 hours, reflecting a neutral stance.
Total Liquidations Chart
$BONK">
Amidst the price decline of over 6%, a shift in the liquidations was observed. The short liquidations dropped to $13k, whereas the long liquidations were noted at $117.20k.
It means the Bears tried to retain dominance and looked forward to a significant push.
The immediate support levels for the $BONK price at the time of writing were $0.00002600 and $0.00002430. The key upside hurdles were around $0.00003000 and $0.00003300.
All In All
The $BONK token price comfortably held gains above the significant moving averages and was poised for an up move ahead. Once it makes a higher low around $0.00002500, another bullish leg toward the $0.00003000 can be anticipated for a short term.