BONK Climbs 5% in V-Shaped Rally as Bulls Target Further Gains
Solana-based memecoin BONK has rallied 4.65% to trade at $0.00002202, staging a swift V-shaped recovery driven by renewed interest and encouraging technical signals that hint at the potential for a breakout.
The recovery began after BONK dipped to $0.000020 on July 9 at 15:00 UTC, where significant buying interest from institutional players helped stabilize the price. The strongest surge occurred in the early hours of July 10, as BONK shot up from $0.000021 to $0.000023 between 02:00 and 05:00 UTC, alongside a marked increase in trading volume.
Technical Indicators Show Bullish Momentum
CoinDesk Research’s technical analysis suggests BONK’s momentum remains positive:
- The 20-day exponential moving average (EMA) has turned upward, signaling strength.
- The relative strength index (RSI) remains firmly in bullish territory.
- A golden cross is close to forming, with the 50-day EMA nearing a cross above the 200-day EMA—a classic sign of sustained upward momentum.
Key Levels in Focus
- Immediate resistance stands at $0.00002389. A breakout above this could propel BONK toward $0.000026.
- A decisive push beyond $0.000026 would confirm a double bottom pattern, potentially targeting highs near $0.000041.
- Intermediate resistance sits between $0.00002577 and $0.00002840.
- Support remains solid around $0.000020, the level where recent buying emerged.
Market Snapshot
- V-shaped rebound: BONK climbed from $0.000020 to $0.00002202 (+4.65%).
- Current trading: Around $0.00002128, reflecting slight intraday cooling.
- Momentum outlook: Bullish trend remains in play, with traders watching key resistance levels for signs of a breakout.
