In a surprising turn of events, Bonk Inu (BONK) experienced a sudden 22% surge in its price, hinting at a possible further climb if specific conditions align. This rally coincides with fake reports of an Exchange-Traded Fund (ETF) approval circulating from a compromised X account linked to the US Securities and Exchange Commission (SEC).
After suffering a massive 73% decline over the past three weeks, the price of Bonk Inu is showing signs of recovery and a potential trend reversal. In the last 48 hours, the price surged by an impressive 68%, breaking through the daily resistance level at $0.0129. This surge was accompanied by the highest trading volume since December 8, 2023. Currently, the price of Bonk stands at $0.0148, reflecting a notable 13.26% increase in the last 24 hours.
The transition of the aforementioned resistance level into a support zone indicates a probable reversal in the prevailing trend. However, market indicators such as the Relative Strength Index (RSI) entering overbought territory and the Awesome Oscillator (AO) surpassing the mean level suggest the likelihood of an impending pullback. Despite this, both indicators align to portray an overall bullish sentiment.
The range between $0.0125 and $0.0133 is a crucial accumulation zone for potential buyers waiting on the sidelines. A rebound within this area could propel BONK towards the next significant hurdle at $0.0179, representing a substantial 34% gain.
Despite the recent increase in price, it is important to note that if the support zone between $0.0125 and $0.0133 is not maintained, it could indicate a potential issue. If this level is breached, it may result in lower lows in the four-hour timeframe, putting the bullish scenario at risk and leading to a possible 12% downturn towards the support level of $0.0109.
Amidst Bonk Inu’s (BONK) roller-coaster ride, the cryptocurrency terrain remains an enigma, keeping investors vigilant as they scrutinize pivotal levels for any hints of market fluctuations or momentum shifts. The unpredictability of Bonk Inu’s trajectory underscores the need for constant vigilance among investors, who diligently observe critical markers to anticipate market movements and changes in momentum.
