BONK Price Ready for a Breakout? Bullish Indicators Meet Key Hurdles
Harvey Hunter is a Junior Content Creator at Cryptonews.com. With a background in Computer Science, IT, and Mathematics, he seamlessly transitioned from tech geek to crypto journalist.
The Bonk price has seen a deeper retracement today, down 3.57%, contributing to the 3.04% average decline among meme coins. However, indicators point towards building bullish momentum and a potential breakout.
Today’s dip pushes BONK further into its recent rutt, now down 5.38% since last Thursday, markedly underperforming the growth seen by other notable altcoins over the same period.
Despite disappointing price action, trader interest in BONK appears to be increasing. Over the past 24 hours, the meme coin’s trading volume has surged by 29.45%, reaching $130.35 million.
BONK’s Moving Average Convergence/Divergence (MACD) highlights the growing bullish bias toward the coin.
Notably, the MACD line (blue) is currently converging towards the signal line (orange) in an uptrend, an indicator of a potential shift in momentum from bearish to bullish.
Meanwhile, the dots that make up the Parabolic Stop and Reverse (SAR) indicator have been below the BONK price since August 8.
This serves as an uptrend, with the SAR providing support, suggesting that the price is likely to continue rising.
While BONK’s MACD and SAR indicators hint at bullish sentiment toward the meme coin, a closer look at its chart reveals some crucial hurdles.
BONK’s price appears to be caught in a consolidation phase, as it hovers around both the 50DMA (pink) and the 20DMA (yellow).
Neither of these moving averages has provided clear resistance or support, resulting in a lack of decisive price direction.
As a result, BONK has remained rangebound for the past nine days, trading within
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