- Bonk ($BONK) has maintained its support in the upward trendline, and this is a point which has twice prevented aggressive sell offs and initiated bounces.
- The hourly chart is forming a double bottom at the support implying that bearish pressure is waning and that we will have a bullish reversal.
- Provided Bonk violates the trendline, downside levels around the $0.000008760 will occur, and long-term support will ensure a rebound is maintained at the $0.000024.
Bonk (BONK) is testing a crucial ascending trendline support that has proven strong in recent weeks, repeatedly halting further downside pressure. Traders now monitor whether this level holds, as the structure signals a potential turning point for the token.
Trendline Support Holds Firm
According to CryptoPulse, $BONK is sitting on a strong trendline support that has already stopped two prior sell-offs. Each time the price touched this area, buyers stepped in to push the token higher, reinforcing confidence in the level.
Today, the price once again approaches this support zone. Chart analysis shows it has become a vital line separating bullish and bearish scenarios. The repeated defense of this area suggests buyers may still control the broader market structure, despite ongoing fluctuations.
Analysts stress that if $BONK sustains this support, it could provide the foundation for another upward push. This view reflects how technical levels can act as strong decision points where momentum shifts between market participants.
Lower Timeframe Patterns Show Reversal Setup
Zooming into the hourly chart, $BONK is forming a double bottom pattern right above the ascending trendline. This setup is widely recognized as a potential reversal signal when occurring near key support levels.
The double bottom formation shows that there have been two instances where the sellers have sought to push the prices to their lowest point, only to have buyers buying in to relieve the pressure. These structures usually indicate the loosening bearish trend and a prelude of reversal.
If buying volume confirms this pattern, analysts suggest a rebound toward $0.000024 could unfold. At that level, the descending dotted trendline forms the first resistance area, which will be important for assessing further upside potential.
Risk of Breakdown Remains
While the current technical outlook leans bullish, traders remain cautious. CryptoPulse noted that invalidation occurs if $BONK decisively breaks below the trendline support. A consolidation under this zone would signal a failure of the current bullish setup.
Should the breakdown happen, the next clear support target is placed around $0.000008760. Analysts believe this level could attract renewed buying pressure as traders reassess entry opportunities. The scenario, however, requires confirmation through sustained price action below the golden trendline.
For now, market participants watch closely for signs of volume expansion accompanying a potential rebound. The daily trading volume stands at $108,031,728, reflecting active participation around these technical levels. Bonk is currently priced at $0.00001913, consolidating near its critical support.
