According to an analyst on the TradingView platform, BONK has just confirmed a double bottom formation; and here are the next price targets for the meme cryptocurrency.
BONK’s price action is now pushing directly into the descending trendline resistance, which a major technical ceiling that has rejected its rallies since late December 2024. If this barrier is broken, it would mark a decisive break from the months-long downtrend.
Furthermore, the exponential moving averages are also sending a bullish signal. The convergence of the 12-hour EMA-50 and EMA-200 could soon result in a Golden Cross, which is an event that typically precedes a strong upside continuation.
It seems BONK is currently on the path to breaking above the resistance trendline again, but this time with enough conviction. The last time the meme coin tested this trendline was in late April when its price was rejected at $0.00002179.
This rejection was due to a wave of profit-taking in light of the uptrend from the second bottom at $0.00001036 on April 7. The ensuing retracement after the rejection brought the price right back into the key supportive range between $0.00001550 and $0.00001425, where it has since bounced on in the past 24 hours.
At the time of writing, BONK is trading at $0.00001824, up by 8.3% in the past 24 hours. The next move is a push to resistance levels highlighted by the TradingView analyst before an explosive move.
