BONK broke through the critical resistance level of $0.000025 and is trading at around $0.00003402 at press time, up 34.47%.
The breakout, coupled with a surge in MACD momentum, suggests strong buying interest.
What is the bullish momentum in the future?
Recently, BONK’s chart showed that it broke through the critical resistance level of $0.000033. This breakout usually signals a bullish trend ahead, especially when accompanied by high volume movements.
Therefore, with this level falling, BONK will focus on the next resistance at $0.000045. However, whether it can sustain this momentum will largely depend on upcoming trading activity and market sentiment.
Moreover, the MACD indicator is pointing towards a strong upside move as the MACD line remains significantly above the signal line.
This arrangement is usually a clear sign of bullish momentum, meaning buyers are in control. If this momentum continues, BONK could rise further to the next target range.
However, any sudden crossovers in the MACD should be closely monitored as they could signal a possible reversal.
Additionally, BONK’s Average True Range (ATR) indicator shows a notable increase, highlighting the heightened volatility in recent sessions.
While increased volatility can present exciting opportunities for traders, it also carries with it greater risks.
Therefore, it is imperative for traders to develop a strategy that takes into account potential price fluctuations when trading memecoins.
This volatility reflects strong market interest, but also serves as a reminder that BONK’s movements are difficult to predict.
Balanced long-short ratio
At press time, the long/short ratio shows a slight bullish bias, with 52.89% of traders long and 47.11% short. Therefore, despite the prevailing optimism, the strong presence of bears suggests that traders are cautious.
This balanced sentiment could lead to continued volatility as shifting positions could support further gains or trigger a pullback.
BONK's decline in social dominance raises questions
Meanwhile, social dominance has declined slightly, suggesting retail interest is cooling. Since social buzz often drives the initial hype for meme-based tokens, a continued decline could affect BONK’s momentum.
However, if social interest revives, it could spark another wave of buying. Therefore, maintaining exposure and engagement on social platforms may be crucial to its continued rise.
Can BONK maintain its momentum?
With a strong breakout above resistance and strong technical indicators, BONK seems well-positioned to sustain its bullish momentum.
The strong MACD alignment, coupled with a slightly bullish long-short ratio, suggests that the uptrend is likely to continue in the short term.
However, traders should remain cautious amid heightened volatility and mixed social signals.
All in all, BONK’s rally shows strong continuation potential, but close monitoring of key indicators will be crucial to navigating this high-energy ascent.
