BONK Gains 5% in V-Shaped Recovery as Traders Anticipate Breakout
Solana’s memecoin BONK climbed 4.65% to around $0.00002202 after staging a sharp V-shaped recovery, sparking optimism for further gains and a potential breakout.
The rally began when BONK dipped to $0.000020 on July 9 at 15:00 UTC, where increased buying interest from larger investors helped stabilize prices. Momentum picked up rapidly in the early hours of July 10, with BONK rising from $0.000021 to $0.000023 between 02:00 and 05:00 UTC as trading volumes surged.
Technical Outlook Signals Strength
CoinDesk Research’s technical indicators point to a sustained bullish trend:
- The 20-day exponential moving average (EMA) is turning upward, supporting the bullish case.
- The relative strength index (RSI) remains in positive territory.
- A golden cross could soon emerge as the 50-day EMA approaches a crossover above the 200-day EMA, often seen as a sign of further upside.
Key Price Levels in Focus
- Immediate resistance stands at $0.00002389, and a breakout above this level could propel BONK toward $0.000026.
- A move past $0.000026 would validate a double bottom pattern, potentially targeting $0.000041.
- Intermediate resistance zones range from $0.00002577 to $0.00002840.
- Support remains firm at $0.000020, where recent accumulation provided a floor.
Market Snapshot
- Recovery move: BONK rallied from $0.000020 to $0.00002202 (+4.65%).
- Current price: Trading near $0.00002128, experiencing a mild intraday pullback.
- Trend outlook: The bullish structure remains intact, with traders watching resistance levels for signs of a breakout.
