🐶 BONK Snaps Back — Is This the Start of a New Bullish Phase?
As of the time of publication on Monday, BONK had increased by more over 4%, extending the roughly 5% gains that it had made since Sunday. The reverse run in BONK maintains its domination over the 50% retracement level at $0.00002350. This level was drawn from $0.00006230 on November 20 to $0.00000886 on April 7, and it is aiming to reach the 61.8% Fibonacci level at $0.00002958.
By achieving a decisive close over $0.00002958, the bullish run may be extended to the level of $0.00004105, which is in line with the 78.6% Fibonacci percentage level.
A change in momentum is indicated by the technical indicators, as the Relative Strength Index (RSI) on the daily chart is reading 47. This indicates that the RSI is maintaining neutral levels while also showing an upward trend. In the meanwhile, the Moving Average Convergence Divergence (MACD) is moving closer to its signal line, indicating that the negative momentum is beginning to decline. This is all taking place in the context of dropping red bars.
Nevertheless, a clean push in the Solana-based meme currency below the 50% retracement level at $0.00002350 might retest the 200-day Exponential Moving Average (EMA) at $0.00002129. This would be a significant level of resistance.
#BONK #solana #MarketRebound #FOMCMeeting #ProjectCrypto $BONK $SOL