BONK Price On A Retest, Elbow Room For Buyers At Lower Levels!

BONK Price On A Retest, Elbow Room For Buyers At Lower Levels!

Ending the week on a slightly bearish note with a pullback trend in motion, the BONK price shows a breather phase as buyers exhaust. Similar to Bitcoin taking a dip this weekend, the altcoins are preparing for a retest over the weekends to refuel the prevailing recovery rally.  

Despite the quick gain over this week and the last few months fueled by the listing gains over multiple top-notch exchanges, the Bonk price prediction remains optimistic. Further, the doge-themed Solana-based meme coin remains this week’s hot topic in the crypto world. Hence, the increased sentiments and growing community will positively impact the coming week.   

Source – Tradingview

In the 4H chart, the remarkable uptrend in the BONK price crossed the $0.000025 mark to challenge the $0.000036 resistance. However, the sharp rejection at higher levels due to the exhaustion of buying pressure, the meme coin takes a quick reversal. 

With long wick formation and an evening star, the BONK crypto price falls below the $0.000025 mark. However, the sideways-moving trend with long-range candles at $0.000025 teases a potential bounce-back opportunity if the buyers regain footing. 

Nevertheless, with the low volumes over the weekend and the correction in the larger market trend, the chances for a reversal in BONK price before retest seem minimal. 

Technical indicators: 

RSI: The RSI line shows a short-term pullback in the 4H chart and signals a breather phase. Further, as the BONK crypto corrects, it signals a minor increase in the selling momentum. Nevertheless, the overall trend remains positive, and the momentum indicator encapsulates the ongoing correction as a potential retest. 

Will BONK Price Cross $0.000035?

As the overall market takes a dip, the Solana-based meme coin, BONK crypto price, also plunges by 24% to retest the $0.00025 mark. However, the BONK price trades at $0.000024793, forming a Doji candle with a 3.14% intraday gain. 

Further, the trend-based Fibonacci levels in the 4H chart show a potential retest to the $0.000020 mark. Moreover, the uptrend can reach the $0.000053 mark on the positive side. 

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