Why Is BONK Price Up?

BONK has seen its price surge by more than 7.5% today in what appears to be a continuation after a successful retest of support levels. Two days ago, BONK broke out above a descending trendline resistance at $0.0000102. While yesterday’s close was slightly bearish, BONK managed to close above the broken resistance line, which has now flipped to become support.

Bulls saw this successful retest of $0.0000102 as an important sign that the uptrend could continue. With increased confidence, they have pushed the BONK price further up. The price has now reached the top of the previously broken downtrend line at around $0.0000115. At this resistance level, BONK is seeing some struggle.

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In order for the rally to continue, bulls need to break above the $0.0000115 resistance decisively, similar to the clean break above $0.0000102 seen earlier. If this level is surpassed convincingly, it would likely regain momentum for another leg up. The test of the former resistance as support seems to have given traders confidence in the strengthening upside momentum.

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Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.

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