The crypto market turned green on Friday, with Bitcoin topping $41k and altcoins like Bonk recovering. After a consistent fall from its 2023 peak of $0.000035, Bonk’s price has rebounded to over $0.000011. However, further upside depends on market strength.
Bonk bounced up after holding support in the green band on its 4-hour chart in early January, signaling to traders a larger comeback was brewing. An initial jump on January 8 fizzled under $0.000018 amid profit-taking from Q4’s rally and crypto uncertainty.
This week, Bonk dropped to retest the same green support before its current revival. For the uptrend to persist, bulls must keep buying despite the temptation to sell quick profits.
Above key levels like the 20 EMA at $0.000011199, Bonk needs several 4-hour closes above its moving averages. This could steady the trend for a climb past the 200 EMA at $0.00001266 next.
The RSI hints Bonk could break above resistance near $0.000015. But at 61, it doesn’t guarantee smooth sailing, given the market’s instability. Caution remains warranted.
While unclear, Bonk’s explosive 2022 surge can’t be ignored. If the approaching Bitcoin halving powers a bull run, Bonk could rocket alongside altcoins, even reaching an ambitious $1 target. But market strength is key for the meme coin to keep bouncing back.
