BONK, the popular meme coin, has hit a wall near a crucial resistance level, prompting traders to ask – is this a dip worth buying, or should they wait for clearer signals?
🔹 Recent rejection at familiar resistance
BONK's price recently faced rejection at the $0.0000249 level — the same zone that halted bullish momentum on May 14. This level had previously served as a key resistance during the downtrend seen in late January.
Despite this setback, BONK still maintains a bullish market structure on the daily chart. The token has defended a rising trendline support for nearly a month, which has consistently prevented deeper price drops.
🔹 Technical signals suggest room for upside
On the 4-hour chart, BONK has formed a clear trading range between $0.000018 and $0.000024 over the last ten days (highlighted in purple). The midpoint of this range, around $0.000021, recently acted as temporary support.
📈 The On-Balance Volume (OBV) indicator has trended higher throughout May, suggesting stronger buying pressure. Even during the latest correction, OBV held up well, indicating that sellers haven't taken full control.
📉 Meanwhile, the RSI has cooled off from strong bullish momentum to neutral levels near 50, hinting at a potential reset before the next upward push.
🔹 Where might BONK bounce from?
After slipping below $0.000021, BONK is now heading toward the lower end of its range near $0.000018, which aligns closely with its long-standing trendline support.
This decline coincides with Bitcoin’s pullback from $111,000. Still, the below-average trading volume during the dip suggests that buyers may soon re-enter the market and attempt to push prices higher again.
🔹 Bottom line: A patient dip buy opportunity?
A retest of the $0.000018 support zone could present a favorable entry point for traders looking to go long. Key levels to watch will be whether BONK can reclaim $0.000021 and challenge the upper boundary of its recent range.
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