BONK Price Analysis: Token Holds Support After 32% Rally as Buyers Watch Next Breakout Level

According to market data provided by BraveNewCoin, the market cap of BONK is approximately $312.60 million, and its 24-hour trading volume is close to $56.77 million at the time of writing. TradingView

The recent shift comes after the lower range was recovered with BONK regaining a horizontal support area, which was marked by the crypto analyst Alpha Crypto Signal. The analyst’s chart indicated that BONK had rebounded from this level prior to rising, resulting in a 32.47% rise from the support level.

The same was true for Jennifer Doris; she said that after reclaiming the area BONK occupied, it still had the same horizontal support area. The price had been moving in an uptrend prior to the consolidation period, as displayed on the chart.

BONK Holds Above Reclaimed Support Zone

Notably, the price structure reveals that BONK got its recovery going after a prolonged downtrend, which drove the token down to lower levels. The buying defense of the horizontal support area outlined by chart analysts at X began the rebounding process.

BONK has pulled back from the top of the support zone, and Alpha Crypto Signal’s analysis deemed it worth looking at. Price then staged a move up and up to the top of the range before cooling off. Source: Alpha ViA X

BONK was moving into a higher range away from the support area, as Jennifer Doris’ chart indicated. The recent price development seems to be testing the previous resistance area as a new support area.

As it is in the press at the moment, BONK is very close to the area they recovered, and they are waiting to see if buyers will keep fighting for the area.

Momentum Slows After Sharp Recovery

At press time, market data shows BONK trading around $0.00000355, with a daily range between $0.00000328 and $0.00000379. The current price is $0.000005745, which is lower than the all-time high of $0.000005825 on November 20, 2024. TradingView

The recent rally has brought BONK back from the previous lows, but the recent session suggests that there was some profit-taking after the strong rally.

Trading volume is active, with over $56 million traded in the last 24 hours. Source: BraveNewCoin Data

The present living arrangement focuses on whether or not BONK can remain above the gained support area. If the price of the recovery structure is maintained, the structure will remain intact; otherwise, it will be a weakness for the recent recovery attempt.

Resistance Levels Remain Key for Further Upside

After the recovery, BONK is coming back to a previous supply area, as revealed by the charts shared by Alpha Crypto Signal and Jennifer Doris. Continued buying of the token needs to happen to break above that area to create a new high price range.

The recent rally pulled BONK off the low prices that occurred earlier this month. But the token is in a consolidation period, with traders watching to see if momentum can play out. Source: Doris Via X

If a break above the recent local highs can be seen, the next highs are in sight. If they’re not being met, BONK will continue to move sideways until the market gets moving again.

The time when BONK was trading at its bottoming price range of 0.00000265 to 0.00000266 saw a key support zone that was identified by previous BraveNewCoin analysis, while $0.00000270 saw a resistance zone during the same period. TradingView

The recovery structure established in the past would be maintained by BONK if it is to maintain the reclaimed support zone. If they move above the latest resistance area, it may be an indication that they’re trying to make another move upward.