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BONK has traded within a compact price range over a two-week period. Between 15 March to 27 March, BONK’s price oscillated around the lower limit of $0.00002 and upper limit of $0.000026.
However, on 28 March, BONK broke out of this range with a 9% pump on the four-hour timeframe. Over the past 12 hours, BONK has retested the new support level with the buying pressure holding the floor strong.
Thus, BONK could be primed for another massive run to the $0.00004 to $0.000045 price range with gains of up to 50% for buyers.
Steady Buying Pressure Could Drive Price Gains
BONK’s Relative Strength Index (RSI) was firmly in the bullish zone with a reading of 61. This was after it briefly touched the neutral 50 mark during the retest of the new support level. It highlighted the strong bullish trend both on the lower and higher timeframes.
Furthermore, the Bollinger Bands broke out upwards after a period of consolidation with the red line serving as a dynamic support for buyers.
Based on the price action and chart indicators, traders looking to long BONK can open positions at the current market price of $0.000028. This provides a low risk buying opportunity with the safety net of the support levels at $0.000026 and $0.00002 respectively.
Peak Demand in Derivatives Market
Data from Coinalyze showed that BONK’s Open Interest rose by 10.73% over the past 24 hours. This hinted at futures traders increasing their long positions in anticipation of a strong bullish move by BONK.
Combined with the spot market data, it reinforced the bullish outlook for BONK in the short to medium term with solid gains available for traders/investors.
Disclaimer: This article does not constitute trading, investment, financial, or other types of advice. It is solely the writer’s opinion. Please conduct your due diligence before making any trading or investment decisions.
