BONK's February Outlook: Continued Growth or Pullback?
Date: 2024-02-16 Author: Dima Zakharov Categories: BLOCKCHAIN
Breaking Resistance: BONK's Price Surge
Over the last 10 days, the price of BONK has seen a significant increase, breaking through both diagonal and horizontal resistance levels.
Technical Analysis Indicates Potential Rally
Analyzing the daily timeframe, on February 7th, BONK rebounded from a descending resistance line that had been in place for 55 days since reaching its all-time high on December 15, 2023. Yesterday, the asset's price reached $0.000014 before experiencing a slight decline.
The daily Relative Strength Index (RSI) is bullish, surpassing the 50 mark, confirming the potential for a continued rally.
Price Forecast for BONK in the Coming Weeks
The six-hour chart provides an uncertain forecast due to conflicting price action and RSI readings. While BONK bounced off the horizontal resistance at $0.000014, aligning with Fibonacci levels, the six-hour RSI formed a significant bearish divergence, often preceding reversals.
Thus, the reaction to the $0.000014 area may determine the direction of the future trend.
Potential Scenarios
A successful rebound could catalyze an 18% increase in BONK's price to the next resistance at $0.000016, while a breakthrough may lead to a 14% decline to the nearest support at $0.000012.
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