The cryptocurrency market saw an upswing on Friday, with Bitcoin’s price surpassing $41,000. Following this, altcoins, including tokens like Bonk, experienced a significant recovery, with some seeing double-digit percentage increases, propelling Bonk’s price to $0.00001187.
After a dip from its 2023 peak of $0.000035, Bonk’s price rebounded, with investors anticipating a larger rally following the token’s recovery of a support zone on the four-hour chart earlier this month. However, the initial rebound falling below $0.000018 on January 8 led to investor disappointment. The uncertainty in the crypto market since late December, along with the profits from Bonk’s surge to $0.000035 in Q4, supported by listings on major exchanges Binance and Coinbase, contributed to subsequent sell-offs.
Bonk’s price tested the same support band around $0.00001 this week before the ongoing recovery. Bulls may need to double their efforts to maintain the uptrend, avoiding selling at the first sign of profit. The meme token, built on the Solana blockchain, remains above two key levels: the 20 Exponential Moving Average (EMA) at $0.000011199 and the 50 EMA at $0.0000115.
Several four-hour candle closings above the moving average could further cement the uptrend, potentially leading to a climb above the 200 EMA at $0.00001266. The Relative Strength Index (RSI) indicates a potential rise, suggesting the price could break above the resistance band near $0.000015.
Despite market volatility, the past explosive rally of Bonk is noteworthy. With the Bitcoin halving approaching, investors contemplate a potential bull run that could lift Bonk and other altcoins, possibly aiming for a high target of $1.