Date: Sun, Jan 19, 2025, 05:12 AM GMT
The cryptocurrency market in the past 48 hours has been dominated by the meteoric rise of Donald Trump’s $TRUMP memecoin, which has drawn liquidity from other top memecoins. Among the impacted memecoin is the Solana-based Bonk (BONK), which is trading in the red today. However, its technical chart hints at a potential reversal in the near future.
Retesting Its Broadening Wedge Breakout
As highlighted by prominent crypto analyst @JohncyCrypto, Bonk (BONK) recently confirmed a breakout from its broadening wedge pattern on the 12-hour timeframe. The token is currently retesting the resistance level it just broke out of, indicating a potential pivot point for the token’s trajectory.
The 50-day and 100-day moving averages (MA) are crucial indicators here. A successful retest and breakout above the MA 100 could pave the way for an upside move. BONK is showing signs of stability as it consolidates near its key resistance zone.
Is A Bounceback Ahead?
At the time of writing, BONK is trading at $0.000034, having nearly completed its retest phase. If it manages to bounce decisively above the resistance level of $0.000036, a strong upside move could follow. Potential targets include $0.000040, $0.000049, and even as high as $0.000057 in the short term.
Adding to this optimism, tomorrow’s inauguration of Donald Trump as president could inject additional momentum into the memecoin market. This event may serve as a bullish catalyst for BONK and similar tokens, given the broader surge in memecoin activity driven by Trump’s influence.
While BONK’s short-term trajectory remains uncertain, the technical patterns and current market sentiment suggest that a bounceback could be imminent. Traders are advised to monitor the token closely as it tests its critical resistance levels.
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