Bonk (BONK) is showing signs of accumulation at support levels, suggesting that selling pressure is weakening, and buyers may be regaining control. The technical indicators also suggest a potential shift in momentum, as the price approaches the upper boundary of the Bollinger Bands

At the time of writing, BONK is trading at $0.000008017, supported by a 24-hour trading volume of $61.83 million and a market capitalization of $664.76 million. Its price has surged by 1.63% over the last 24 hours but is showing signs of stability over the last week.

Source: CoinMarketCap

Also Read: Bonk (BONK) Price Prediction: Is a Rally Toward $0.00001250 on the Horizon?

Technicals Indicators Suggest a Shift in Momentum

From the technical perspective, the chart illustrates the price action of BONK with the SMA and Bollinger Bands. The current price action of BONK is found near the top of these bands. It tends to indicate an upward shift or change in market trends. It shows that the price usually remains within these boundaries.

Source: TradingView

A breakout is now to be expected for the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD). The RSI is 51.25. It is in a neutral market. The MACD is close to zero, indicating that market momentum is low. However, there is a slight bullish momentum in the MACD histogram indicated by green bars above zero.

BONK Eyes $0.0000390 After Descending Channel Breakout

Moreover, the crypto analyst, Jonathan Carter, highlighted that there has been a recent formation of a descending channel on the 2D chart for BONK, a pattern that generally indicates a bearish trend. However, the price movement seems to be experiencing a process of accumulation at support levels, implying a change in the trend due to a lack of selling momentum.

The price targets to focus on for a potential turnaround for BONK are $0.0000130 and $0.0000197. These are essential resistance areas, which could lead to a breakout if prices manage to get out of the downward channel. Breaking through successfully could mean the start of a bullish journey for BONK.

Source: Jonathan Carter

If BONK breaks past these levels with strong momentum, it may target even higher levels such as $0.0000260 and $0.0000390. These levels are important and may provide an indication that the momentum is set to continue. But if it fails, there may still be risks of further downfall. Investors are closely watching to see whether BONK will hold beyond support.

Also Read: BONK Price Under Pressure as Sellers Defend $0.000001025 Resistance