BONK rises 32% in ETF FUD – what’s next?

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Bonk Inu (BONK) price has risen 32% from a low of $0.0000125 to a high of $0.0000167, suggesting further gains are possible if key conditions are met. Interestingly, this rise occurred against the backdrop of false news about the ETF approval being posted by the U.S. Securities and Exchange Commission (SEC) social network account X (Twitter). As a potential pullback may be taking place, buyers on the sidelines may have an opportunity to purchase BONK.

bunker dog price

Bonk Inu price is showing signs of recovery and trend reversal after falling nearly 73% over the past three weeks. This bleeding phenomenon appears to have changed, with BONK increasing by 68% in just 48 hours. This bullish trend helped BONK overcome daily resistance at $0.0000129, which coincided with its highest trading volume since December 8, 2023.

Since this key barrier has recently turned into support, investors can expect a trend reversal. But after a short-term pullback, this upward trend may continue. The relative strength index (RSI) has been pushed into overbought territory, while the momentum oscillator (AO) has moved above neutral. The RSI’s movement hints at a potential pullback, while both the RSI and AO indicate an overall bullish outlook.

The demand area extending from $0.0000125 to $0.0000133 is the next key accumulation area for off-market buyers. A recovery here could push BONK towards the next key level at $0.0000179, which would represent a 34% rise.

BONK/USDT 4-hour chart. Source: TradingView

While the outlook is bullish, a break above the $0.0000125 to $0.0000133 demand zone on the 4-hour time frame would form a lower bottom. This development will invalidate the bullish thesis and could trigger a 12% retracement to the $0.00001 support.