BONK is maintaining a strong bullish market structure, marked by a clear series of higher highs and higher lows on the chart. Price recently rejected from the point of control (POC) resistance, initiating a healthy pullback toward the 200 EMA — a common support level in uptrending markets.
This corrective move is currently finding strong support at a confluence zone that includes the 200 EMA, a key daily support level, and the 0.618 Fibonacci retracement. This level is acting as a high-probability support region, where price action is now forming a range and confirming accumulation on lower timeframes.
The establishment of this range suggests that demand is present, and buyers are stepping in to defend the trend. Importantly, the higher low being put in here would keep the bullish structure intact and signal a potential continuation towards new highs.
From a volume profile standpoint, each leg higher has been accompanied by increasing volume — a healthy sign for continuation. Bulls remain in control, and if price holds this level and breaks above the POC resistance on a closing basis, a move toward higher resistance levels becomes increasingly likely.
The upside target from this potential continuation is approximately a 77% gain, aligning with previous swing highs and projected Fibonacci extensions.
In summary, BONK remains bullish, with the current pullback offering a possible higher low setup. Watch for a confirmed breakout above the POC resistance — that will likely be the catalyst for the next impulsive move higher.