Bonk (BONK) has just made an impressive breakout by surpassing the previous peak established in June, supported by strong demand from the market. This signal is clearly reflected in the surge in trading volume across both the spot and derivatives markets.
Recent price movements are showing initial signals of a reversal trend, particularly the formation of a higher low compared to the previous low – specifically, the June low is significantly higher than the March low.
At the same time, the RSI index on the weekly timeframe has surpassed the neutral level of 50 and continues to trend upwards, indicating that buying pressure is gradually gaining dominance and the bulls may be returning to the game.
However, the OBV (On-Balance Volume) indicator – which reflects buying and selling pressure based on volume – has remained almost flat since March. This indicates that the flow of money is not yet truly sustainable, and this could become a significant barrier to maintaining the upward momentum of this meme coin.
If BONK's price continues to rise, the nearest weekly resistance level is found at $0.0000026. A breakout above this level could take BONK to a strong resistance level at $0.0000036.
The daily chart brings more hope for BONK.
On the daily timeframe, the bulls have completely taken control as BONK's price broke through the resistance level of $0.0000018 on July 5, establishing a clear bullish structure with a series of higher highs and higher lows.
Notably, the OBV (On-Balance Volume) indicator has established a new high, surpassing the June peak, indicating that money is flowing strongly into the market. At the same time, the RSI index has also entered the overbought zone – a sign that buying pressure is increasing significantly and market momentum is heavily leaning towards the bulls.
The consensus between these two important indicators of volume and momentum is reinforcing the bullish outlook for BONK, opening up the possibility that this meme could target the next resistance zone around $0.0000026 in the coming sessions.