BONK Holds Key Technical Confluence Amid Uptrend Consolidation

BONK has retested a key technical confluence zone following a pullback from its daily resistance level, drawing attention from traders and analysts. Despite the recent correction, the asset remains within a broader uptrend, as evidenced by the formation of higher highs and higher lows in higher timeframes. The price has settled near a critical support area where the point of control, 200 EMA, and 0.618 Fibonacci retracement level intersect, offering multiple layers of technical relevance [1].

The current price action reflects a healthy consolidation phase rather than a reversal of momentum. Analysts highlight that as long as BONK manages to defend this multi-level support, the likelihood of a reversal back toward daily resistance increases, especially if the move is accompanied by rising volume [2]. This dynamic suggests that buying interest could reemerge from both retail and institutional participants, reinforcing the potential for a breakout in the near term.

Volume profile analysis further supports the possibility of a reversal. The point of control, representing the most frequently traded price level in the current range, historically acts as a pivot for renewed demand. If the price stabilizes here and volume surges during a bounce, it would serve as a bullish signal for traders anticipating a resumption of the uptrend [3].

A successful retest and hold above the current confluence zone could set the stage for BONK to reapproach its daily resistance and the previous swing high. A breakout beyond that level would confirm the restoration of bullish momentum and potentially pave the way for further gains. Traders are closely watching the $0.000024 level as a key entry point, given its significance in the broader price structure [1].

On-chain data and price behavior indicate that accumulation may be ongoing, with consistent buying pressure observed in recent sessions. This pattern is similar to prior setups where BONK has demonstrated a tendency to consolidate before surging through key resistance levels [4]. As such, the current pullback is viewed by many as a strategic pause rather than a sign of weakening demand.

Looking ahead, the next few sessions will be crucial in determining whether BONK can reclaim the upper end of its range. A sustained move above the key resistance could trigger renewed momentum, while a failure to maintain control above the confluence support may lead to further downward testing of lower levels.

Given its historical behavior and current positioning, BONK remains a focal point for traders expecting a potential breakout. The broader sentiment remains cautiously optimistic, with attention centered on the critical technical levels that could define the next phase of its price action [5].

Source: [1] https://www.ainvest.com/news/bonk-strategic-support-breakdown-institutional-accumulation-high-conviction-entry-point-meme-coin-bulls-2508/

[2] https://trobits.com/bonk

[3] https://www.tradingview.com/u/Richtv_official/

[4] https://crypto.news/tag/price-analysis/

[5] https://www.tradingview.com/ideas/trendanalysis/page-14/