After a tiny withdrawal, BANG is showing signs of renewed strength as bullish momentum begins to build. Recent price action indicates that bulls have regained control, pushing the token out of its recent decline.

As the market changes, Traders now they are looking at a potential breakout higher, with BONK’s next targets becoming clearer. Could this be the start of a modern rally, or will the bears try to regain their advantage once again?

In this article, we will provide an in-depth analysis of BONK’s recent price action following the pullback and examine the renewed bullish strength that has emerged. By analyzing key technical indicators, we will assess whether this change in momentum signals the potential for further growth and a breakout, or whether the token is likely to encounter resistance in the near term.

Technical Indicators: Signs of Building Bullish Momentum

Recently, BONK price turned bullish on the 4-hour chart, bouncing and breaking above the $0.00001792 resistance level. The meme coin is trading above the 100-day elementary moving average (SMA) and showing robust momentum, and is currently focused on moving towards the $0.00002962 level.

Analysis of the 4-hour Relative Strength Index (RSI) indicates that the bulls may be ready to make a comeback. Although the RSI has fallen to 59% from the overbought zone, it still holds above the 50% threshold, suggesting that bullish momentum is still present. This positioning indicates that while there has been some cooling, the market retains the potential to move higher as long as the RSI holds above this key level.

Furthermore, on the daily chart, BONK is showing positive momentum as evidenced by the rejection wick on the current daily candle. Despite being below the 100-day SMA, this rejection wick shows buyers stepping in and pushing the price up, which is causing the selling pressure to ease.

Finally, on the 1-day chart, a close look at the 1-day RSI pattern suggests that BONK may fully resume its uptrend as the indicator’s signal line has risen above the 50% threshold and is currently sitting at 53%.

Potential growth targets: Where could BONK head next?

As BONK demonstrates renewed bullish strength, key resistance levels to watch include the $0.00002320 level, where previous price action hit a snag. If BONK manages to break through this level, it could pave the way for further profitspotentially reaching the next target of around $0.00002962 and above.

Conversely, if BONK encounters significant resistance at $0.00002320, the price could consolidate or attempt to test the $0.00001792 support level. A breakout of this range combined with robust volume could signal a continuation of the downtrend, potentially targeting the $0.00000942 support level.

BONK was trading at around $0.00001803, down 2.33% in the last 24 hours. Cryptocurrency market The capitalization amounted to about $1.2 billion, and the trading volume exceeded $128 million, which means a decrease of 2.32% and 23.11%, respectively.

Featured image from LinkedIn, chart from Tradingview.com