The BONK cryptocurrency is currently trading near a critical support zone, which could potentially lead to a double bottom structure on the chart.
Analysis of Current Situation for BONK
After a period of consolidation and downward pressure, BONK is now trading near the most critical level on its chart. The price has recently pulled back into the point of control, marking the most traded level within BONK’s current range. This area often serves as a decision point between continuation and reversal.
Key Technical Points
Key technical aspects include:
* **POC Support Test:** Price is currently testing the point of control, often a critical level of support or rejection. * **Double Bottom Potential:** A dip to the value area low and swing low confluence could establish a classic double bottom structure. * **Volume Decline:** Volume profile is falling, rising bullish volume is required to confirm any reversal attempt.
Expectations for the Future
If BONK holds the POC or dips into the value area low with a rise in bullish volume, a double bottom could form, potentially launching a move back toward the range highs. If volume does not increase, however, the probability of continued weakness increases.
The next few sessions will be key in validating whether BONK is ready to reverse or still searching for its true support base.
