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Crypto currency market surged again on Friday, with Bitcoin’s price climbing above $41,000. Later, altcoins recovered, and some tokens like Bonk saw double-digit increases to $0.00001187.
Uncertainty Continues in BONK
After dropping from its 2023 peak of $0.000035, Bonk’s price began to rise again. However, after reclaiming the support zone in the four-hour chart earlier this month, investors are expecting a bigger recovery. The initial recovery falling below $0.000018 on January 8 disappointed investors. The uncertain outlook of the crypto market since the end of December, along with the profits from the rise to $0.000035 in the 4th quarter supported by BONK’s listing on major exchanges Binance and Coinbase, also contributed to the sell-offs.
Before easing the ongoing recovery, Bonk’s price fell again this week to test the same support band around $0.00001. Bulls may need to double their efforts to maintain the uptrend by avoiding selling at the first sign of profit. The meme token built on the Solana blockchain stands above two key levels: the 20 Exponential Moving Average (EMA) at $0.000011199 and the 50 EMA at $0.0000115.
Explosive Rally in BONK
Several four-hour candle closes above the moving average could further solidify the uptrend for the next climb above the 200 EMA at $0.00001266. The Relative Strength Index (RSI) could indicate a potential rise by showing the price will break above the resistance band near $0.000015.
This supports the idea of an upward trend. The overall market being shaky means caution is still important. Although Bonk’s future is uncertain, last year’s explosive rally is noteworthy. With the Bitcoin halving approaching, many investors have a potential bull run in mind. If this happens, Bonk could indeed rise along with other altcoins and even target a high level of $1.
