Strong rally pushes BONK toward resistance, but selling pressure emerges
BONK recorded its strongest daily rally in weeks, climbing nearly 10% to reach $0.000027 before profit-taking erased part of the gains. The move came after the meme token rebounded sharply from a key demand zone and broke through short-term resistance.
The rally began as BONK bounced from the $0.0000240–$0.0000245 support area (green zone on the chart), a level that had repeatedly attracted buying interest over the past two weeks. Price action accelerated upward on increasing volume, briefly testing the $0.0000280–$0.0000290 supply zone (red area) before sellers stepped in.
This upside followed a clear breakout from a descending channel in late June, which shifted market structure into a bullish bias. Since then, BONK has formed a pattern of higher lows, signaling sustained accumulation. The earlier breakout from the $0.0000180 support (orange zone) in July set the stage for the current bullish phase.
“BONK’s breakout from the multi-week downtrend has given traders a clear bullish roadmap,” According to BITX market analyst noted. “However, supply near the $0.000029 area remains strong, so consolidation or a retest of the $0.000024 support is possible before the next leg higher.”
From a technical standpoint, the key levels to watch are:
- Immediate support: $0.0000240–$0.0000245 (buyers defending trend)
- Major resistance: $0.0000280–$0.0000290 (supply zone sellers targeting)
- Breakout target: Above $0.000029 could open the door to $0.000034–$0.000038
Volume spikes during the rally suggest active participation from buyers, but the quick rejection at resistance indicates profit-taking by short-term traders. If bulls manage to absorb selling pressure and hold above $0.000024 support, the path toward the next upside target remains intact.
In the short term, BONK traders will be watching for either a confirmed breakout above resistance or a healthy pullback to reload positions — both of which could shape the next major price move.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.