The BONK/USDT pair on Binance is displaying signs of potential recovery after a long period of bearish movement. This article examines the current market state and key technical signals.
Recent Price Action
After bottoming out around the 0.00001200 USDT level, BONK has mounted a notable bounce, recently reaching highs near 0.00001700. This upward momentum has caught the attention of traders, particularly as it appears to be attempting a short-term trend reversal.
Trend Reversal Attempt
The previous strong downtrend showed consistent lower highs and lower lows. However, we’ve now seen:
* A clear bullish bounce from recent lows. * Two strong green candles breaking above the 20-period EMA (Exponential Moving Average).
These are early signs that selling pressure might be weakening, and buyers are stepping back in.
Key Resistance and Support Levels
* **Immediate Resistance:** 0.00001700 – This level has seen multiple rejections. A strong breakout above could trigger a rally toward 0.00001850 and beyond. * **Support to Watch:** 0.00001575 – If this holds, bulls may continue to dominate. A break below could send BONK back toward the 0.00001400 zone.
BONK is showing signs of life after a prolonged downtrend. If bulls can sustain this momentum and break through resistance, the token could see a strong recovery phase. However, caution is still warranted, so keep an eye on key levels and market volume.
