The cryptocurrency BONK is showing strength again by breaking out and establishing a support level, which may signal further growth.
Breaking Key Resistance
The price of BONK has been able to overcome the resistance level at $0.0000233 after weeks of sideways movement. This action occurred alongside rising trading volume, confirming the strength of the breakout.
Support and Demand Zone
Currently, BONK is trading within a demand zone between $0.00002416 and $0.00002242, where the price is holding well. Buyers actively step in whenever the price approaches the lower edge of this zone, creating a base for a potential rally.
Indicators and Wave Analysis
Indicators support a positive outlook. The RSI is at 68.34, close to overbought but still leaves room for more upside. The trading volume was $269 million in the last 24 hours. On the 1-hour chart, BONK has completed a five-wave move, indicating a likely correction.
Thus, BONK shows certain signs of strength, with potential for further growth if the market remains on a positive note. Next support and resistance levels should be closely monitored by traders.
