BONK continues to rise along the wedge
Since March 4, Bonk (BONK) has steadily risen within an ascending wedge structure, with the overall price trend closely following the upward support line.
At the beginning of April, this memecoin briefly pulled back to $0.00000884, then quickly rebounded and regained its upward rhythm. Since then, BONK has continued to rebound along the wedge support line, with each bottoming out followed by a wave of buying interest, and market sentiment gradually warming up.
Price rebound drives optimistic sentiment
The recent pullback strongly rebounded after touching the trend support. According to CoinMarketCap data, this cryptocurrency has risen nearly 10% in a short period, indicating that bullish confidence in the market has significantly increased.
The current price is still compressed by the wedge structure, and the technical pattern is approaching the breakout threshold, signaling that a strong market may unfold.
Technical indicators support rebound expectations
The daily stochastic RSI is currently in the oversold range, indicating that short-term selling momentum is exhausted and a trend reversal may occur at any time. If the bulls maintain momentum and hold the current support, BONK is expected to experience an effective breakout.
From an on-chain perspective, CoinGlass data shows that BONK's weighted financing rate has remained in the neutral range of 0% to 0.02% throughout the consolidation period, indicating that there is no excessive leverage in the market, reducing the risk of severe volatility and liquidation.
Additionally, the liquidation heatmap shows a large accumulation of liquidity above the psychological level of $0.00002. Once the price breaks through this area, it is highly likely to trigger a rapid surge.
Summary
As the price continues to build a bottom pattern supported by support levels, combined with technical reversal signals and stable on-chain structures, BONK has the conditions for a short-term upward breakout.
If the $0.00002 level can be strongly broken, the bulls may officially take control of the rhythm, initiating the next phase of explosive upward movement.
