- BONK keeps a bullish pattern with rising highs and lows, holding above key support near $0.000020000.
- The market cap bounced back from $1.45 billion to $1.73 billion, showing strong recovery and renewed investor interest.
- The MACD has crossed bullishly, and the RSI is moving higher, pointing to growing momentum.
BONK price holds steady around key support after recent drops, showing early signs of bullish momentum. Traders are closely watching for breakout signals that could lead to higher prices soon.
Price Action Confirms Confluence Support
BONK recently tapped the 0.618 Fibonacci retracement level following a loss of the Volume Area High (VAH). According to Joe_Swanson057 via X, the price now sits at a confluence support zone that includes the Fibonacci level, daily structure, and Point of Control (POC). BONK continues to form higher highs and higher lows, maintaining a bullish trend on higher timeframes.
Price reached a low near $0.00000095 in late June before staging a rally through July. This bullish momentum peaked near $0.00000400 before retracing through August. By late August, BONK traded near $0.00002132 with recent candles indicating reduced volatility. Candlesticks around key support areas display wicks on both ends, suggesting indecision at these levels.
Technical indicators point to mixed momentum
On the 4-hour chart, BONK’s price is moving between $0.00002050 and $0.00002250. The MACD and RSI hint at a possible upward move. However, similar signals on August 4 and 13 didn’t last.
Trading volume has stayed steady, without any major spikes. On August 23, BONK surged close to $0.00002500 but quickly pulled back. The price has traded within a tight range,as traders remain cautious.
Market cap bounces back following a volatile drop
BONK’s market capitalization fluctuated heavily between August 22 and August 28. The value remained stable near $1.60 billion before dipping below $1.55 billion on August 22. A sharp rebound occurred early on August 23, lifting market cap to over $1.85 billion.
Source CoinMarketCap
The peak was followed by rapid price swings and a gradual decline until August 26, when the cap dropped to nearly $1.45 billion. A recovery phase began soon after, lifting BONK’s value to approximately $1.73 billion by late August. This reflects increased investor activity and short-term accumulation.
