Memecoin sees renewed momentum, testing critical levels highlighted by traders
The price of BONK (BONK/USDT) recorded a 7% intraday surge, regaining upward momentum after weeks of consolidation. The move places the Solana-based memecoin back above the $0.00002200 support zone, with traders closely watching whether BONK can break through nearby resistance levels to confirm a trend reversal.
According to the 4-hour chart, BONK recently bounced strongly from the green support zone near $0.00002000, signaling buyer interest at lower levels. The price is now approaching the first major resistance band between $0.00002400 and $0.00002600 (highlighted in beige). A decisive close above this range could pave the way toward the red resistance zone near $0.00002800, last tested in mid-August.
“BONK’s recovery from support is encouraging, but buyers need to establish strength above $0.00002400 to avoid another rejection,” According to BITX market analysts.
The earlier breakout from a falling wedge pattern in June set the stage for July’s sharp rally. However, the subsequent decline highlights how memecoins remain vulnerable to market sentiment and broader liquidity conditions.
Volume data shows a noticeable uptick during the latest bounce, suggesting renewed participation from traders. If BONK fails to clear the resistance, the token risks another pullback toward the green demand zone, which remains a critical area for maintaining bullish structure.
“The key to sustained upside lies in reclaiming the mid-range resistance with strong volume. Without it, BONK could stay trapped in a consolidation phase,” According to BITX technical strategists.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.