BONK Token Shows Signs of Recovery After Bounce Off Strong Support, Here Are the Levels to Watch

Crypto trader mirage (@miragemunny) posted two optimistic analyses regarding the recent price action of BONK token on Twitter. In his first post, mirage noted that BONK saw a “perfect bounce” off a key support level that has historically held up well during overnight trading.

Bullish Market Conditions Return for Meme Coin

The BONK train is about to leave the station,” mirage wrote, indicating his belief that the meme coin is poised to enter a new bullish cycle soon. The trader pointed to the coin’s ability to once again hold above the important support zone, which reinforced the level and suggested growing buyer interest around current prices.

After posting this initial optimistic take, mirage provided a follow-up analysis highlighting the long bottom wick on BONK’s recent candlestick chart. As he explained, this wick shows healthy demand stepped in to buy the dip at support, preventing more significant losses. It fits with his forecast that the broader crypto market may be bottoming out now as well.

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Outlook Calls for Continued Recovery

From Mirage’s chart, we can see the price has already recovered back above the key support 3 times now. This repeated validation of this area as significant buying interest should give bulls confidence more upside is in store if it continues holding.

The chart shows where BONK may face initial resistance around $0.0000154. But if buyers can push the price above this barrier, he sees a run towards $0.0000169 as the next target where some selling pressure may emerge.

As mirage summarized, the latest price action and ability to catch support makes him believe “we resume our scheduled program” – implying expectations for renewed upside momentum ahead. For now, BONK continues consolidating above vital support but appears poised for a bullish breakout pending confirmation of the recent market bottom.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency