Key Insights:
- Bonk price remains resilient at key support, suggesting a potential double-bottom reversal pattern.
- A reclaim of the point of control could confirm Bonk’s reversal and trigger a rally to swing highs.
- Recent whale accumulation indicates confidence, possibly fueling a rebound for Bonk in the coming weeks.
Bonk price has demonstrated impressive resilience despite recent bearish pressure. The cryptocurrency has successfully defended key higher-timeframe support levels on two occasions, preventing a deeper breakdown. This consistent defense highlights a potential reversal pattern forming on the charts. A double bottom is emerging, a technical structure often linked to significant bullish recoveries.
The pattern, while not yet confirmed, is starting to shape up as Bonk holds firm at a critical support zone. A crucial factor in confirming the double bottom will be reclaiming the point of control (POC). This volume-defined pivot zone plays a significant role in determining whether the market will break out or remain stuck in a consolidation phase.
Potential Breakout Could Trigger Rally
If Bonk successfully reclaims the POC, the double-bottom pattern will be complete. This move would indicate a shift in market momentum from bearish to bullish. The next critical target would be the value area high (VAH), which historically has acted as a strong resistance level. Breaking above this zone could open the door for a substantial rally towards higher resistance levels, reigniting bullish sentiment for Bonk.
However, volume remains the key factor. For this breakout to hold, sustained buying activity is necessary to push the price past the resistance levels. Without strong volume, Bonk could continue to trade below the POC, delaying the confirmation of the reversal.
Whale Accumulation Adds to Bullish Sentiment
An important factor supporting the bullish case for Bonk is the recent whale activity. Over 80 billion tokens have been accumulated by large holders, signaling confidence in the asset’s potential for recovery. This accumulation could contribute to a shift in momentum, supporting the case for a bullish reversal.
Bonk’s price remains at a pivotal level, with bulls needing to reclaim the POC for confirmation of the double-bottom pattern. Should this occur, Bonk could see significant upside movement, with a potential rally toward swing highs and major resistance points. The next few days could be crucial for determining the direction of Bonk’s price action.
