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Bonks appears to have broken above its descending trendline, suggesting a possible bullish reversal.
Bonk has recently broken from a long-term descending trendline following weeks of making lower highs and lower lows. As of press time, Bonk was trading at $0.00001825 with a slight price fluctuation. According to renowned crypto analyst, World of Charts, if the bulls step in with a high buying pressure, Bonk could begin its uptrend rally.
Looking at the 1-day chart, Bonk’s price is consolidating above its descending trendline and has also broken above a key resistance zone after retesting it several times. The memecoin has seen its trading volume and price surge as buyers jump in.
If Bonk bulls keep pushing above this level with a strong momentum, the memecoin could rally towards the $0.00003000 in the short term while targeting the 0.00005000 key resistance level. Traders are closely watching BONK’s momentum and changes in open interest at this level for further insights.
