Bonk Price Rallies on Retail Demand, Breakout Target Eyed
Bonk (BONK) has staged a significant recovery in recent days, with its price rising by 14% from last week's losses. This resurgence is largely driven by retail demand, as evidenced by the surge in BONK Open Interest, which has increased by 35% over the last 24 hours.
The technical outlook for Bonk remains bullish, with the asset testing a key resistance trendline near $0.00000338. A confirmed breakout above this level could target a price of $0.00000430, representing a 50% retracement of the downswing from $0.00000831 to $0.00000222.
The Relative Strength Index (RSI) has risen to 59 from neutral levels on the daily chart, indicating upside potential. Additionally, the Moving Average Convergence Divergence (MACD) and signal line maintain a positive slope above zero, suggesting steady bullish momentum.