BONK Has Taken A Breather: Can Bulls Continue To Dominate Ahead?

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

Liquidity Chart Source: Coinglass

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.

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