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BONK PRICE ANALYSIS & PREDICTION (July 2) – Bonk Sees Minor Gains as Market Recovers, Can it Regain Momentum?
Bonk’s hourly chart has turned bullish once more after a successful recovery from a two-day downturn. However, failure to retake a previous high could lead to a significant crash, potentially triggering a severe bearish trend in the long term.
The recent late June rebound brought some relief to the market’s recent bearishness, but Bonk almost resumed its downward trajectory yesterday before recovering on the day following substantial volume inflow since the morning. A daily close above $0.0000153 would likely bring back bullish sentiments and initiate a slow climb through the previous weekly high. This development could catalyze additional upside moves due to the formation of higher highs and lower lows on the hourly timeframe, potentially leading to a massive bullish rally with a double-bottom pattern if the price surpasses the May peak.
While this increase is partly attributed to Bitcoin’s price recovery, it is essential to note that the market structure remains bearish from a short-term perspective. If bears re-enter the market, Bonk may experience a considerable loss in the near term.
BONK’s Key Levels To Watch
* Scaling through the previous weekly $0.0000153 high in the latest surge, the next buying target would be at $0.0000183 and $0.0000244 resistance, with a potential break to $0.0000314.
* Bonk is currently supported by the $0.0000114 level. A drop below it could lead to a price decline back to the bottom level of $0.0000089. Breaking lower could cause a crash to $0.000005.
Key Resistance Levels: $0.0000183, $0.0000244, $0.0000314
Key Support Levels: $0.0000114, $0.0000089, $0.000005
Spot Price: $0.0000142
Trend: Bearish
Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Source: nulltx.com
