After an extended corrective phase, Bonk (BONK) is showing early signs of a potential bullish reversal.
The token is testing a key support zone that aligns with multiple technical confluences, hinting that the selling pressure may be easing.
Large holders have been actively accumulating BONK, reportedly purchasing around 80 billion tokens, which adds further strength to the market’s bullish potential.
Price Analysis: Double Bottom, Symmetrical Triangle, and Upside Potential
On the daily chart, BONK/USD is consolidating within a symmetrical triangle, a formation that often precedes a breakout.
Also, another notable development is the formation of a double-bottom pattern near the support zone, a classic reversal signal indicating potential exhaustion of selling pressure.
Currently trading around $0.00001889, BONK is positioned near the triangle’s apex. If the double-bottom pattern plays out and the price breaks above the descending resistance line, bullish targets come into focus, with a key level around $0.0000376, representing a potential 100%+ upside.
Source: TradingView
The Relative Strength Index (RSI) sits at 37.35, signaling oversold conditions and supporting the likelihood of a rebound. While the MACD has not yet produced a bullish crossover, signs of convergence could favor upward momentum if confirmed.
On the other hand, a breakdown below the ascending support trendline would invalidate the bullish setup, opening the door to a potential decline toward $0.00000696, a level that coincides with previous demand zones. This would mark a significant drop of over 64%.
100% Rally Incoming?
BONK is at an important moment. The combination of a symmetrical triangle, double-bottom formation, and oversold indicators suggests a potential breakout.
Traders should monitor volume spikes and resistance breakouts carefully, as a confirmed move could set the stage for a massive 100%+ rally.
As BONK Eyes Breakout, New Doge Presale Raises $2.6 Million
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