$BONK
🚨 BONK breaks out of a multimonth downtrend 🚨
On April 13, BONK price broke out of a descending parallel channel, igniting strength that saw it flip the 50-day and 100-day exponential moving averages (EMAs) to support.
The bulls will likely continue the rebound toward the significant resistance level at $0.00002410 (200-day SMA) in the short term. A daily candlestick close above this level, accompanied by high volume, could see BONK rise toward the Jan. 19 range high near $0.000040. This would represent a 104% increase from the current price.
The sharp rise in the relative strength index and its position at 71 in the overbought region reinforces the buyers’ dominance in the market.
However, the overbought conditions could facilitate profit-taking, occasioning a slight correction before BONK continues its uptrend.
Meanwhile, Crypto Joe spotted BONK breaking out of a bullish pennant in the 30-minute timeframe targeting $0.00002690.
