The current situation for BONK prices shows a test of crucial support after a rejection from resistance, which may impact the short-term trend and market actions.
Technical Analysis of BONK Prices
BONK has pulled back from resistance and is now testing support at the value area high. This zone acts as the last line of defense to maintain the bullish structure. If this level fails to hold, the price is likely to rotate toward the point of control, where a strong confluence of technical support resides.
Risks and Opportunities for Momentum
From a structural perspective, the point of control (POC) sits below the current price and represents a significant technical level. It aligns with the 0.618 Fibonacci retracement and lower daily support, creating a high-confluence demand zone. If the current level is lost, a quick and volatile move to the POC is anticipated, increasing the risk of sharp downside.
What to Expect Moving Forward
BONK must hold the value area high to avoid deeper correction. If lost, the point of control will become a focal point for potential bounce. Volume will be key to confirming a reversal and establishing a bottoming structure.
Given the current trends, maintaining key support levels is essential for BONK to sustain its bullish path. Future movements toward control points will significantly influence the short-term market.
