Can BONK Price Confirm Bullish Trend?

BONK price rose sharply in February, breaking out of diagonal and horizontal resistance levels.

Will the price support this increase or was the move just a rallying cry? Let's go, let's go, let's go.

BONK came out of protest

Technical analysis of the daily time frame shows that BONK price has broken out of the downtrend line of resistance from February 7th. It was a trend line for 55 days before it broke.

Specifically, the trend line was from the December 15, 2023 high. Today, BONK reached a high of $0.000014 before falling slightly.

The daily relative strength index (RSI) gives a high reading. Traders use the RSI as a momentum indicator to assess whether the market is overbought or oversold and whether to stock or sell an asset.

If the RSI reading is above 50 and the trend is up, the bulls still have an advantage, but if the reading is below 50, the opposite is true. The indicator broke above 50 after the price rebound, making the breakout legal.

BONK Price Prediction: Will the Gap Last?

The six-hour chart provides a more indeterminate trend than bullish daily time frame readings. This is due to conflicting readings from price action and the Relative Strength Index (RSI).

The price action shows that BONK has broken out of horizontal and Fib resistance at $0.000014.

However, the six-hour RSI shows a clear bearish divergence (green). Such differences occur when a decrease in velocity is accompanied by an increase in price. They often lead to a reversal of the depression trend.

Therefore, if the price of BONK drops below or closes around $0.000014, it may determine the direction of the future trend.

A successful bounce could result in an 18% BONK increase to the next resistance at $0.000016, while a breakout could result in a 14% drop to the nearest support at $0.000012.

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