The cryptocurrency Bonk (BONK) has shown an impressive rally, increasing over 180% since early April. However, the price now faces a crucial resistance level, drawing the attention of traders.
Strong Rally and Resistance
Since early April, BONK has demonstrated strong bullish momentum, consistently hitting higher highs and lows. An analyst from Bitcoinsensus stated: "Price action remains firmly bullish as long as key support levels hold above $0.00001800."
Demand Zones as Support
Several new demand zones have been established at lower levels, which may provide support if the price pulls back. If BONK tests the $0.00001800 level and bounces back, it could lead to another run-up. Further declines could bring the price down to $0.00001600, where stronger buyers are expected.
Possible Scenarios for Bonk
If BONK price breaks and sustains above the $0.00002000 level, the next level to watch will be $0.00002400. On the other hand, if the price drops below this resistance, it could create pressure on the bulls. Analysts highlighted: "$BONK is at a critical point. If bulls fail to break $0.00002000 cleanly, downside risks will increase significantly."
Despite minor slowdowns, Bonk's long-term structure remains bullish after a strong 2024 performance. The price has risen over 104% since the beginning of the year, indicating potential continuation of the positive trend.
