BONK spikes 8%, but bears mount resistance at critical levels

Solana-based meme coin Bonk has become the biggest gainer among the top 100 crypto assets in the last 24 hours following the recent price increase.

The recent recovery has been fueled by renewed market optimism. However, the bulls are facing stiff resistance at key levels as selling pressure returns after yesterday’s impressive 8% rally.

BONK is up 8.1% in the last 24 hours and is trading at $0.00002380 at the time of reporting. Daily trading volume also increased by 33%, indicating renewed market interest and a market capitalization of $1.77 billion.

BONK 1-day chart – October 17 | Source: Trading Outlook

The daily chart shows a well-formed rounded bottom pattern, indicating a potential trend reversal as the altcoin witnesses higher lows. This pattern suggests that Bonk could break out if it manages to break through its current resistance.

Despite the recent pressure on it, the 23.6% Fibonacci retracement level at $0.00002379 continues to act as immediate resistance. If the bulls can overcome this decisively, the next significant resistance will be at $0.00002522, the previous local high.

But as this morning’s 3% decline shows, the downtrend is slowly approaching. Additionally, Williams %R at -23.84 indicates potential overbought conditions. However, the RSI at 59.86 shows that there is still room for further gains, but there is also the possibility of a pullback.

Meanwhile, market analyst Astekz recently highlighted BONK’s next potential targets. According to him, meme coin is facing resistance at $0.00002470. If the bulls manage to break above this, the next targets could be $0.00004804 and $0.00007140.

However, if the bears regain control, the key support levels to watch will be $0.00002261 and $0.00001909; The latter is crucial to maintaining the current bullish sentiment.