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Bonk's Price Forecast: Short-Term Bullish with 22% Resistance Ahead

Bonk shows signs of recovery, but key resistance level stands 22% away in the short term

3 minDecember 24, 2024

Highlights:

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Bonk coin faces key resistance at $0.00004, crucial for short-term bullish potential.

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Price support found at $0.0000264, with a possible rally toward $0.000049.

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Overcoming $0.00004 resistance could trigger a 22% price surge for Bonk coin.

Bonk's Price Forecast: Short-Term Bullish with 22% Resistance Ahead

Bonk (BONK) has struggled recently, following a downward trend seen across the meme coin market. While losses have mounted, there are signs that a short-term recovery is possible. However, a significant resistance zone stands in the way of any major price gains. Here's what to expect for Bonk in the near future.

 

Current Market Conditions and Technical Outlook

 

 

Bonk’s price action shows a bearish trend, with the 20-period and 50-period moving averages crossing over in a bearish pattern. This suggests the downtrend might continue. The drop below $0.00004 in mid-December added weight to this bearish outlook.

 

Still, there’s a silver lining. Bonk recently tested the 78.6% Fibonacci retracement level at $0.0000264 and found support. This area could serve as a springboard for a potential bounce. 

 

Short-Term Bullish Scenario

 

Bonk’s short-term prospects depend on breaking through the resistance at $0.00004. This level has been tough to crack, but a successful breakout could target $0.000049. This price zone holds a large amount of liquidity, according to the 1-month liquidation chart.

 

However, reaching $0.000049 isn’t easy. The $0.00004 resistance needs to be flipped into support. Once this happens, Bonk could build upward momentum. Until then, the coin may face further retracement.

 

The coming days will reveal if Bonk can break past these hurdles. Day traders may find short-term opportunities, but a long-term bullish trend relies on turning key resistance levels into support and gaining steady momentum.

 

 

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