After witnessing a roller coaster for two months, Bonk found support last week and began to increase daily. It has recovered well in the past week, surpassing Doge and Shiba Inu in terms of gains. 

The past few days have been an interesting moment for Bonk following a bounce off a psychological support level of $0.00001. Although it encountered resistance and consolidated at around $0.000014 for days. 

In the middle of that, it formed a fresh bullish pattern on the 4-hour chart and resumed buying pressure yesterday. This led to a significant break out of the brief consolidation phase and the price touched $0.00001467 earlier today.

Bonk retraced a bit and buying pressure dropped on the lower time frame. We can expect buying to resume as soon as volatility increases, although its bullish signal is still valid on the daily. 

While the $0.000018 resistance level is the next area of interest for the bulls, it may come into play before the end of this week. A weekly candle close above this resistance level should validate a more bullish rally on the daily chart.

If by any chance the price rolls back to the recent bounce level, a crack below it would confirm bearish. So far, the price has increased by more than 40% in the past ten days. It remains the third best-performing meme coin by market cap of $ at the time of writing.

If Bonk manages to close above the $0.000018 resistance this week, the higher resistance levels to keep in mind are $0.0000215 and $0.000025.

While holding the $0.000012 level as a weekly low, the $0.0000127 level is now bolstering as a close support level. If these levels collapse, Bonk could slip back to $0.00001. Support levels to watch for crackdowns are $0.00000575 and $0.000001

Key Resistance Levels: $0.000018, $0.0000215, $0.000025,

Key Support Levels: $0.0000127, $0.00001, $0.00000575

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.

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Image Source: zieproject/123RF // Image Effects by Colorcinch

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