The meme coin BONK is attracting trader interest due to its potential bullish breakout. Current consolidation within a falling wedge may indicate forthcoming price growth.
Formation of a Falling Wedge
BONK is demonstrating signs of consolidation within a falling wedge, which is a bullish technical signal. A breakout above the wedge resistance could indicate the beginning of a significant trend reversal.
3D Support Block
While waiting for a breakout, the price of BONK is testing a key support area known as a 3-day (3D) breaker block, which may offer a buying opportunity. This zone has historically served as a strong reversal point.
What Traders Should Do Next
Traders should monitor trading volume and price movement around these key areas. A breakout from the wedge and a successful flip of the supply zone could confirm a signal for entering a long position.
BONK is in an interesting position in the market, and traders should pay close attention to the signals. If a breakout and trend change occur, the coin may demonstrate significant upward movement.
