DailySun
Bonk’s price has rebounded from the Golden Pocket Fibonacci zone, creating yet another higher low. Technical indicators indicate a bullish reversal is underway, with possible upward movement toward daily resistance and former highs.
Summary
- BONK has bounced back from the Golden Pocket Fibonacci zone, confirming another higher low.
- The point of control represents the immediate resistance that needs to be reclaimed.
- A breakout above this resistance could trigger movement towards daily resistance and swing highs.
Bonk (Bonk) has identified essential support at the Golden Pocket Fibonacci retracement, a zone further reinforced by daily structure and the 0.618 Fibonacci retracement. This bounce affirms the continuing bullish market structure, placing BONK in a favorable position for further upward movement if resistance is reclaimed with robust volume support. Additionally, Coinbase listing Bonk as eligible collateral for perpetual futures trading enhances its profile in the derivatives market.
Key Technical Points for Bonk Price
- Golden Pocket Support: The convergence of the 0.618 Fibonacci and daily support confirms yet another higher low.
- Point of Control Resistance: Overcoming the current local resistance is vital for ongoing upward movement.
- Upside Potential: A successful breakout could drive BONK towards daily resistance and swing highs.
The Golden Pocket region has consistently proven to offer reliable support for BONK, leading to a bounce consistent with the overall bullish market structure. By establishing another higher low, BONK has reinforced its uptrend, sustaining bullish momentum despite recent corrections.
The current market structure displays a recurring pattern of higher highs and higher lows, typical of strong bullish trends, and the recent bounce strengthens the likelihood of continuation. Historical price behavior also supports this view, as BONK has historically experienced acceleration after reclaiming the point of control during earlier expansions.
At this moment, the point of control functions as immediate local resistance. A close above this level is essential to validate the bounce and initiate movement towards daily resistance and swing highs. To maintain the trend’s sustainability, significant and consistent bullish inflows in the volume profile are required. Without this validation, any breakout might lose steam. However, sustained demand could lead to an impulsive rally towards higher price levels.
Anticipating Future Price Action
BONK is at a critical juncture. If the bounce is confirmed with a breakout above the point of control, the odds favor an accelerated move towards daily resistance and previous swing highs.
