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Bitcoin price is lingering around $51,800 following restrictive tone comments by Fed member Waller. Waller thinks it’s not a good idea for big banks to hold too much crypto ETPs and signals they could be more cautious on this matter. Meanwhile, there are some movements on the BONK Coin front as well.
BONK Coin Commentary
On the Binance exchange, BONK Coin continues the day with a 2.3% increase. Daily chart readings show that the BONK Coin price has broken free from the decreasing resistance trend line on February 7th. Such breakouts are usually indicative of larger movements to come. Indeed, gaining the trend line that has been stagnant for 55 days is a positive development in the short term.
Since the price reached its all-time high on December 15, this trend line has remained solid. However, it seems that the bears have given up for now. Today, BONK reached $0.000014 before pulling back.
The daily RSI is positive and its trajectory above the neutral zone confirms the breakout, which suggests that the BONK Coin price may continue to rise.
BONK Coin Price Prediction
Bitcoin‘s rapid fluctuations have turned the short-term positive outlook to neutral a few hours ago. However, the price’s continued support in the $52,800 region is relatively positive. The targeted area for BTC is $55,400, and with ETF entries remaining positive, new highs could be seen this week. Yet, these short-lived daily fluctuations are causing confusion on the six-hour charts.
BONK Coin‘s six-hour chart is not as positive as the daily one. The price is close to the $0.000014 resistance on the short-term chart, but weakening RSI suggests the breakout may not be permanent. Therefore, BONK price needs to bounce from here or make closures below $0.000014, turning resistance into support. The direction to be determined in the coming hours is still unclear.
A possible upward movement would target $0.000016. Conversely, closures below resistance could see BONK Coin price drop to $0.000012.
