– Bonk Inu price has shed 64% from its all-time high of 0.0000294 in under two weeks.
– BONK tagged a key support level of $0.0000129 while being massively oversold.
– The ongoing recovery bounce could mature into a full-blown rally if the meme coin can overcome $0.0000174 hurdle.
– In such a case, BONK could rally roughly 30% and target a retest of $0.0000228.
Bonk Inu (BONK) price has been moving down only since it was listed on major exchanges in mid-December.As a result of this sell-only mentality from investors, it has caused the dog-themed crypto BONK to be oversold.But things could change quickly for the meme coin as buy signals emerge.
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Bonk Inu price ready to move higher
Bonk Inu price shed 64% between December 14 and 28, which is resembles a bear market-type correction that typically takes a few years.Due to the volatile nature of meme coins, BONK is close to triggering a reversal.
Bonk Inu price seems to have formed a bottom after retesting the $0.0000129 support level, but it is uncertain yet.
The Awesome Oscillator (AO) produced higher lows on December 20 and 28, but the Bonnk Inu price has created lower lows.This non-conformity, termed bullish divergence, often forecasts a reversal in the underlying asset’s price.This bullish signal adds further credence to the potential bottom formation.
If BONK produces a decisive flip of the $0.0000174 hurdle into a support level, it would confirm the presence of bulls that are vying for a reversal.In such a case, Bonk Inu price could catalyze a quick 31% move to the next key resistance level of $0.0000228.In total, BONK holders could realize nearly 55% gains from where the meme coin currently trades – $0.0000152.
For more risk-averse investors, a flip of the $0.0000174 level into a support floor could be a great entry point to realize 31% gains.
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BONK/USDT 4-hour chart
While the bullish outlook for Bonk Inu price makes sense, it is risky to enter trades before a flip of the key level at $0.0000174.Furthermore, there could be heavy rejection at this level, leading to corrections and a continuation of the downtrend.
Regardless, if Bonk Inu price breaks the $0.0000129 support level and flips it into a resistance level, it would create a lower low and invalidate the bullish outlook.In such a case, BONK could crash 28% and tag the next support level at $0.00000925.
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Shiba Inu Price Prediction: Will BONK profit rotation kickstart SHIB’s 25% rally?
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