BONK remains bullish despite recent correction, setting the stage for a 77% upside move

BONK remains in a strong bullish trend despite a recent correction, with price now rebounding off key technical support. A breakout could lead to a sharp 77% upside move.

Recently, BONK has been making headlines in the cryptocurrency market for its unique tokenomics and the interesting narrative that has formed around the token. After a recent rejection at a key resistance level, BONK is still showing signs of strength as it’s currently holding major technical support. This setting could set the stage for another potential leg higher.

Key technical points:

* BONK’s current price action is displaying a textbook bullish trend, characterized by a series of higher highs and higher lows. After encountering resistance at the point of control—a zone with concentrated historical volume—price adjusted to intersect the 200-day moving average.

* Additionally, price is encountering support at the daily level, and the 0.618 Fibonacci retracement level also comes into play. A confluence of support levels usually provides a strong defense for the token.

* Now, price is stabilizing within a low-timeframe range, a structure that often forms before a continuation of the bullish trend. This behavior suggests that buyers are diligently defending this level, and demand is outpacing supply once more.

* Furthermore, an examination of volume trends reveals a strong narrative. Each price rally has been accompanied by significant volume, indicating an influx of interest and momentum on the side of buyers.

* As long as BONK keeps forming higher lows, the next target will be above the POC resistance. A breakout above this zone could quickly pave the way for a 77% move to the upside.

* Another crucial factor supporting a bullish outlook is the behavior of market participants at support levels. Despite recent price fluctuations, the buying pressure observed at each dip showcases investor confidence and their keen interest in accumulating at lower price points.

* This consistent demand is a hallmark of trending markets, where temporary pullbacks are met with swift buying action. If this pattern persists, we can anticipate BONK to maintain its upward trajectory, setting the stage for another breakout as market conditions stabilize.

What to expect next

If BONK manages to stay above the current support and breaks out of the point of control resistance, we can anticipate another rally toward higher resistance zones. In the meantime, the bulls appear to be in a dominant position.