Bonk Bounces Back Amidst Bitcoin’s Rally: Is $1 Within Reach?

  • Bitcoin surged past $41,000, leading to an overall market recovery, including altcoins like Bonk.
  • Despite recent dips, Bonk rebounded from $0.00001, supported by key levels and technical indicators.
  • While indicators suggest a bullish run for Bonk, sustained uptrend efforts are needed.

The crypto market witnessed a resurgence, propelled by Bitcoin’s surge above $41,000. This positive momentum rippled through the market, breathing life into altcoins, with Bonk making a notable recovery. 

Read CRYPTONEWSLAND on Google News google news

The meme coin, after experiencing a steady decline from its 2023 peak of $0.000035, found support in the green band on the four-hour chart earlier this month, sparking optimism among traders for a larger rebound. Despite an initial bounce back on January 8 faltering under $0.000018, Bonk persevered, bouncing off the $0.00001 support level this week. This resilience was crucial, especially given the profit-taking following the Q4 rally and the uncertainties in the crypto market since late December.

For Bonk to maintain its uptrend, bulls must redouble their efforts, resisting the urge to sell at the first sign of profit. The meme coin, built on the Solana blockchain, currently holds above two key levels – the 20 Exponential Moving Average (EMA) at $0.000011199 and the 50 EMA at $0.0000115. Further stability in the uptrend could be achieved with several four-hour candlestick closes above these moving averages, paving the way for a climb above the 200 EMA at $0.00001266.

Technical indicators hint at a potential upswing, suggesting a price climb above the yellow resistance band near $0.000015. While this points towards a bullish run, caution remains crucial, given the overall market’s shaky footing. 

Read also:

Crypto News Land ( , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.


related posts